MMA Capital (Trading Symbol(s) MMAC MMAC) 10-K 16 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 08, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	MMA CAPITAL MANAGEMENT, LLC
Entity Central Index Key	1,003,201
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	mmac
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Common Stock, Shares Outstanding		5,921,006
Entity Public Float			$ 104,977,132

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 45,525	$ 21,843
Restricted cash (includes $23,584 and $22,992 related to consolidated funds and ventures ("CFVs"))	57,504	40,033
Bonds available-for-sale (includes $135,614 and $174,961 pledged as collateral)	155,981	218,439
Investments in partnerships (includes $137,773 and $177,786 related to CFVs)	244,191	260,441
Other assets (includes zero and $6,417 pledged as collateral and $44,236 and $18,834 related to CFVs)	70,998	58,315
Total assets	574,199	599,071
LIABILITIES AND EQUITY
Debt (includes $13,029 and $9,883 related to CFVs)	243,071	242,095
Accounts payable and accrued expenses	7,821	5,001
Unfunded equity commitments to lower tier property partnerships related to CFVs	8,103	8,203
Other liabilities (includes $32,299 and $28,233 related to CFVs)	54,881	47,551
Total liabilities	313,876	302,850
Commitments and contingencies
Equity
Noncontrolling interests in CFVs and IHS Property Management ("IHS PM")	134,999	180,051
Common shareholders’ equity:
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively)	87,506	54,961
Accumulated other comprehensive income ("AOCI")	37,818	61,209
Total common shareholders’ equity	125,324	116,170
Total equity	260,323	296,221
Total liabilities and equity	$ 574,199	$ 599,071

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Restricted cash (includes $23,584 and $22,992 related to consolidated funds and ventures ("CFVs"))	$ 57,504	$ 40,033
Bonds available-for-sale, pledged as collateral	135,614	174,961
Investments in partnerships (includes $137,773 and $177,786 related to CFVs)	244,191	260,441
Other assets, pledged as collateral	0	6,417
Other assets	70,998	58,315
Debt	243,071	242,095
Other Liabilities	$ 54,881	$ 47,551
Common stock, no par value	$ 0	$ 0
Common shares, shares issued (in shares)	5,925,743	6,516,275
Common shares, shares outstanding (in shares)	5,925,743	6,516,275
Common shares, non-employee directors' and employee deferred shares (in shares)	81,863	72,476
Consolidated Funds and Ventures [Member]
Restricted cash (includes $23,584 and $22,992 related to consolidated funds and ventures ("CFVs"))	$ 23,584	$ 22,992
Investments in partnerships (includes $137,773 and $177,786 related to CFVs)	137,773	177,786
Other assets	44,551	18,834
Debt	13,029	9,883
Other Liabilities	$ 32,582	$ 28,233

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income
Interest on bonds	$ 2,305	$ 3,230	$ 2,705	$ 3,254	$ 3,006	$ 3,298	$ 3,281	$ 4,026	$ 11,494	$ 13,611	$ 17,974
Interest on loans and short-term investments	977	1,195	886	437	443	396	803	741	3,495	2,383	1,114
Total interest income	3,282	4,425	3,591	3,691	3,449	3,694	4,084	4,767	14,989	15,994	19,088
Interest expense
Bond related debt	443	404	335	295	313	318	379	326	1,477	1,336	2,392
Non-bond related debt	35	181	217	254	417	305	132	148	687	1,002	728
Total interest expense	478	585	552	549	730	623	511	474	2,164	2,338	3,120
Net interest income	2,804	3,840	3,039	3,142	2,719	3,071	3,573	4,293	12,825	13,656	15,968
Non-interest revenue
Income on preferred stock investment					419	1,326	1,311	1,297		4,353	5,260
Asset management fees and reimbursements	2,324	2,383	2,261	1,892	1,887	1,924	1,575	1,421	8,860	6,807	3,580
Other income	258	1,109	954	647	328	656	810	723	2,968	2,517	1,816
Revenue from CFVs	1,258	1,163	726	819	579	209	133	67	3,966	988	16,494
Total non-interest revenue	3,840	4,655	3,941	3,358	3,213	4,115	3,829	3,508	15,794	14,665	27,150
Total revenues, net of interest expense	6,644	8,495	6,980	6,500	5,932	7,186	7,402	7,801	28,619	28,321	43,118
Operating and other expenses
Interest expense	1,198	1,121	1,075	1,042	1,089	1,300	1,708	3,196	4,436	7,293	13,776
Salaries and benefits	4,826	4,288	3,919	4,080	4,318	4,232	3,911	3,272	17,113	15,733	12,708
General and administrative	805	633	655	700	868	719	773	863	2,793	3,223	3,447
Professional fees	1,443	1,452	1,005	1,435	1,224	718	881	1,144	5,335	3,967	5,372
Other expenses	467	(3)	735	48	3,361	2,267	1,722	107	1,247	7,457	3,482
Expenses from CFVs	8,790	10,065	9,014	8,368	8,577	10,890	9,014	9,316	36,237	37,797	90,435
Total operating and other expenses	17,529	17,556	16,403	15,673	19,437	20,126	18,009	17,898	67,161	75,470	129,220
Net gains on bonds	9,963	(69)	28	2,295	1,512	626	3,792	583	12,217	6,513	12,293
Net gains on sale of real estate estate and other investments	127	1,585		116	6,577	4,296	5,622		1,828	16,495	882
Net gains on derivatives, loans, other assets and extinguishment of liabilities	(642)	894	1,424	682	4,885	1,523	928	985	2,358	8,321	6,192
Net gains transferred into net income from AOCI due to real estate foreclosure	10,213		4,205	11,442					25,860		2,003
Net losses related to CFVs	147		(598)		853				(451)	853	15,227
Equity in gains (losses) from equity method investments									(8,382)	(21,354)	(25,992)
Net losses due to deconsolidation of CFVs											(23,867)
Net gain (loss) from continuing operations before income taxes	8,092	(10,166)	(7,175)	4,137	(5,140)	(10,133)	(6,899)	(14,149)	(5,112)	(36,321)	(99,364)
Income tax expense	(530)	(43)	(34)	(72)	15	(146)	(61)	(71)	(679)	(263)	(242)
Net income from discontinued operations, net of tax	81	1,285	83	83	83	83	83	78	1,532	327	18,038
Net loss	7,643	(8,924)	(7,126)	4,148	(5,042)	(10,196)	(6,877)	(14,142)	(4,259)	(36,257)	(81,568)
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests					12,731	13,780	14,168	14,304	(46,611)	(54,983)	(100,366)
Net income allocable to common shareholders	$ 16,442	$ 4,175	$ 5,130	$ 16,605	$ 7,689	$ 3,584	$ 7,291	$ 162	$ 42,352	$ 18,726	$ 18,798
Basic income (loss) per common share:
Income from continuing operations (in dollars per share)	$ 2.71	$ 0.47	$ 0.80	$ 2.54	$ 1.15	$ 0.52	$ 1.04	$ 0.01	$ 6.53	$ 2.68	$ 0.08
Income from discontinued operations (in dollars per share)	0.01	0.21	0.01	0.01	0.01	0.01	0.01	0.01	0.24	0.04	2.38
Income per common share (in dollars per share)	2.72	0.68	0.81	2.55	1.16	0.53	1.05	0.02	6.77	2.72	2.46
Diluted income (loss) per common share:
Income from continuing operations (in dollars per share)	2.61	0.44	0.80	2.51	1.15	0.50	1.04	0.01	6.44	2.68	0.08
Income from discontinued operations (in dollars per share)	0.01	0.20	0.01	0.01	0.01	0.01	0.01	0.01	0.23	0.04	2.38
Income per common share (in dollars per share)	$ 2.62	$ 0.64	$ 0.81	$ 2.52	$ 1.16	$ 0.51	$ 1.05	$ 0.02	$ 6.67	$ 2.72	$ 2.46
Weighted-average common shares outstanding:
Basic (in shares)	6,034	6,174	6,289	6,523	6,617	6,746	6,955	7,213	6,254	6,881	7,647
Diluted (in shares)	6,408	6,549	6,289	6,882	6,617	7,091	6,955	7,213	6,628	6,881	7,647
Continuing Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests	$ 8,799	$ 13,099	$ 12,256	$ 12,457					$ 46,611	$ 54,983	$ 100,216
Discontinued Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests											150
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs									3,966	988	16,494
Operating and other expenses
Equity in gains (losses) from equity method investments	(1,638)	(4,993)	(4,937)	(5,686)	$ (5,953)	$ (3,919)	$ (6,654)	$ (5,693)	(17,254)	(22,219)	(32,730)
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in gains (losses) from equity method investments	$ 807	$ 1,478	$ 2,126	$ 4,461	$ 491	$ 281	$ 20	$ 73	$ 8,872	$ 865	$ 6,738

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Net income allocable to common shareholders	$ 42,352	$ 18,726	$ 18,798
Net loss allocable to noncontrolling interests	(46,611)	(54,983)	(100,366)
Net income (loss)	(4,259)	(36,257)	(81,568)
Bond related changes:
Unrealized net gains	14,553	18,374	18,103
Reversal of net unrealized gains on sold or redeemed bonds	(12,017)	(4,992)	(11,303)
Reclassification of unrealized losses to operations due to impairment		179	113
Reinstatement of unrealized bond gains due to deconsolidation of Consolidated Lower Tier Property Partnerships			13,975
Reversal of unrealized gains from AOCI to Net Income due to consolidation and foreclosure	(25,860)		(2,003)
Net change in other comprehensive income due to bonds	(23,324)	13,561	18,885
Foreign currency translation adjustment	(67)	(2,481)	(423)
Other comprehensive (loss) income allocable to common shareholders	(23,391)	11,080	18,462
Other comprehensive loss allocable to noncontrolling interests:
Foreign currency translation adjustment		24	(13,212)
Comprehensive income to common shareholders	18,961	29,806	37,260
Comprehensive loss to noncontrolling interests	(46,611)	(54,959)	(113,578)
Comprehensive loss	$ (27,650)	$ (25,153)	$ (76,318)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	AOCI [Member]	Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2013	$ 33,679	$ 31,667	$ 65,346	$ 473,513	$ 538,859
Balance (in shares) at Dec. 31, 2013	8,112
Net income (loss)	$ 18,798		18,798	(100,366)	(81,568)
Other comprehensive income (loss)		18,462	18,462	(13,212)	5,250
Distributions				(1,928)	(1,928)
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(375)		(375)		(375)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 197		197		197
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	36
Fair value adjustments associated with stock compensation awards	$ 33		33		33
Net change due to consolidation	(2,849)		(2,849)	2,849
Net change due to deconsolidation				(131,142)	(131,142)
Common share repurchases	$ (8,128)		(8,128)		(8,128)
Common share repurchases (in shares)	(920)
Balance at Dec. 31, 2014	$ 41,355	50,129	91,484	229,714	321,198
Balance (in shares) at Dec. 31, 2014	7,228
Net income (loss)	$ 18,726		18,726	(54,983)	(36,257)
Other comprehensive income (loss)		11,080	11,080	24	11,104
Contributions				575	575
Distributions				(106)	(106)
Foreign exchange gains	2,661		2,661		2,661
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(547)		(547)		(547)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 509		509		509
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	43
Net change due to consolidation				4,827	4,827
Common share repurchases	$ (7,743)		(7,743)		(7,743)
Common share repurchases (in shares)	(683)
Balance at Dec. 31, 2015	$ 54,961	61,209	116,170	180,051	296,221
Balance (in shares) at Dec. 31, 2015	6,588
Net income (loss)	$ 42,352		42,352	(46,611)	(4,259)
Other comprehensive income (loss)		(23,391)	(23,391)		(23,391)
Distributions				(1,476)	(1,476)
Purchases of shares in a subsidiary (including price adjustments on prior purchases)	(60)		(60)		(60)
Common shares (restricted and deferred) issued under employee and non-employee director share plans	$ 308		308		308
Common shares (restricted and deferred) issued under employee and non-employee director share plans (in shares)	19
Net change due to consolidation				3,035	3,035
Common share repurchases	$ (10,055)		(10,055)		(10,055)
Common share repurchases (in shares)	(600)
Balance at Dec. 31, 2016	$ 87,506	$ 37,818	$ 125,324	$ 134,999	$ 260,323
Balance (in shares) at Dec. 31, 2016	6,007

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,259)	$ (36,257)	$ (81,568)
Adjustments to reconcile net loss to net cash used in operating activities:
Provisions for credit losses and impairment	25,192	33,235	28,231
Net equity in losses from equity investments in partnerships	8,382	21,354	25,992
Net gains on bonds	(12,217)	(6,513)	(12,293)
Net losses related to CFVs	451	(853)	(14,439)
Net gains on real estate and other investments	(3,047)	(16,653)	(18,566)
Net losses (gains) on derivatives, loans, other assets and extinguishment of liabilities	1,443	(4,611)	(3,856)
Net losses due to consolidation			23,867
Net gains transferred into net income from AOCI due to real estate consolidation and foreclosure	(25,860)		(2,003)
Interest rate swap termination payments	(851)
Advances on and originations of loans held for sale		(6,752)
Distributions received from investments in partnerships	9,101	660
Expenses from CFVs due to liability reinstatement			37,530
Subordinate debt effective yield amortization and interest accruals	105	1,431	7,157
Depreciation and other amortization	1,493	1,660	6,677
Foreign currency loss	(786)	1,440	5,042
Stock-based compensation expense	2,066	2,300	1,844
Change in asset management fees payable related to CFVs	3,544	(4,020)	664
Other	6,578	1,424	(5,474)
Net cash provided by (used in) operating activities	11,335	(12,155)	(1,195)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal payments and sales proceeds received on bonds and loans held for investment	44,805	33,289	19,642
Advances on and originations of loans held for investment	(43,002)	(6,321)	(22,550)
Advances on and purchases of bonds	(7,217)	(15,123)	(18,380)
Investments in property partnerships and real estate	(6,108)	(61,745)	(38,492)
Proceeds from the sale of real estate and other investments	29,665	37,533	64,863
Proceeds from the redemption of preferred stock		11,613
Proceeds from sale of a subsidiary company	4,188
Decrease in restricted cash and cash of CFVs	(17,551)	11,538	23,390
Capital distributions received from investments in property partnerships	10,832	7,218	14,636
Net cash (used in) provided by investing activities	15,612	18,002	43,109
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowing activity	23,793	32,743	10,100
Repayment of borrowings	(15,527)	(38,790)	(79,083)
Purchase of treasury stock	(10,055)	(7,743)	(8,128)
Distributions paid to holders of noncontrolling interests	(1,476)
Other		167	(1,978)
Net cash used in financing activities	(3,265)	(13,623)	(79,089)
Net (decrease) increase in cash and cash equivalents	23,682	(7,776)	(37,175)
Cash and cash equivalents at beginning of period	21,843	29,619	66,794
Cash and cash equivalents at end of period	45,525	21,843	29,619
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid	6,467	8,883	12,040
Income taxes paid	174	227	301
Non-cash investing and financing activities:
Unrealized (losses) gains included in other comprehensive income	(23,391)	11,104	5,250
Debt and liabilities extinguished through sales and collections on bonds and loans	3,697	17,280	22,673
Debt extinguished through redemptions of preferred stock		25,000
Decrease in loans receivable and other assets and increase in real estate investments purchase consideration due to TC Fund I Origination Loan		4,990
Increase (decrease) in debt through net loan fundings (paydowns)	(6,417)	741
Increase in real estate assets and decrease in bond assets due to foreclosure or initial consolidation of funds and ventures	42,079		11,058
Increase in investment in partnerships and decrease in loans held for investment and interest receivable	27,939
Increase in net real estate assets and noncontrolling equity due to consolidation		4,454
Decrease in loans held for investment and increases in other assets due to investment in derivative assets	2,600
Decrease in common equity and increase in noncontrolling equity due to purchase of noncontrolling interest		397	2,849
Decrease in common equity and increase in liabilities due to purchase of noncontrolling interest			(375)
Consolidated Funds and Ventures [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Net equity in losses from equity investments in partnerships	$ 17,254	$ 22,219	$ 32,730

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 1 — S ummary of Significant Accounting Policies  Organization  MMA Capital Management, LLC, the registrant, was organized in 1996 as a Delaware limited liability company. Unless the context otherwise requires, and when used in these Notes, the “ Company, ” “ MMA, ” “ we, ” “ our ” or “ us ” refers to MMA Capital Management, LLC and its subsidiaries. The Company partners with institutional capital to create and manage investments in affordable housing and renewable energy. We invest for our own account and co-invest with our institutional capital partners. We derive revenue from returns on our investments as well as asset management, performance and other fees from the investments, funds and ventures we manage. The Company operates through three reportable segments. United States (“ U.S. ”) Operations consists of three business lines: Leveraged Bonds, Low Income Housing Tax Credit (“ LIHTC ”) and Energy Capital. In our Leveraged Bonds business line, we primarily own and manage bonds for our own account that finance affordable housing and infrastructure in the U.S. In our LIHTC business line, we primarily own and manage limited partner (“ LP ”) and general partner (“ GP ”) investments in affordable housing communities in the U.S. In our Energy Capital business line, our wholly owned subsidiary MMA Energy Capital (“ MEC ”), primarily provides debt capital to develop, build and operate renewable energy systems. We originate debt capital directly and through multiple ventures with a leading global private investment firm and an alternative asset manager (hereinafter, the “ Solar Ventures ”). The Solar Ventures include Renewable Energy Lending (“ REL ”), Solar Construction Lending, LLC (“ SCL ”) and Solar Permanent Lending (“ SPL ”). International Operations is managed through our wholly owned subsidiary, International Housing Solutions S.à r.l. (“ IHS ”). IHS’s strategy is to raise, invest in and manage private real estate funds that invest in residential real estate. IHS currently manages four funds: the South Africa Workforce Housing Fund (“ SAWHF ”), which is a multi-investor fund and is fully invested; International Housing Solutions Residential Partners Partnership (“ IHS Residential Partners ”), which is a single-investor fund targeted at the emerging middle class in South Africa; IHS Fund II (“ IHS Fund II ”), which is a multi-investor fund targeting investments in affordable housing, including green housing projects, within South Africa and Sub-Saharan Africa; and Transcend Residential Property Fund Limited (“ Transcend ”), which is a Real Estate Investment Trust that is listed on the AltX of the Johannesburg Stock Exchange. MMA also owns a 60% interest in IHS Property Management Proprietary Limited (“ IHS PM ”), which provides property management services to the properties of IHS-managed funds. Corporate Operations is responsible for supporting accounting, reporting, compliance and financial planning and analysis services.  Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”).  Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative instruments, guarantee obligations, and certain assets and liabilities of CFVs. Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates. Principles of Consolidation The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Variable Interest Entity (“VIE”) Assessment We have interests in various legal entities that represent VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (2) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains related to CFVs” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as “Net losses due to deconsolidation of CFVs” in our Consolidated Statements of Operations.  Consolidated Funds and Ventures Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits (if any). In addition, we must make judgments about discount rates and capitalization rates. As of December 31, 2016, CFVs consisted of 11 LIHTC funds for which we sold our GP interests and agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to minimum yield guarantees that are provided in connection with their investments in such funds (these 11 funds, along with two additional guaranteed LIHTC funds that are not consolidated for financial reporting purposes, are hereinafter referred to as “ Guaranteed Funds ”) and four partnerships that own affordable housing properties that were consolidated by the Company . Account balances related to CFVs that were reported on our Consolidated Balance Sheets at either December 31, 2016 or December 31, 2015 include the following:  · Cash, cash equivalents and restricted cash  Cash, cash equivalents and restricted cash of CFVs are reported as restricted cash by the Company.  · Guaranteed Funds  Investment in Lower Tier Property Partnerships  At December 31, 2016, the Company consolidated 11 Guaranteed Funds. The Guaranteed Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“ Lower Tier Property Partnership ” or “LTPP” ) . The GPs of these LTPPs are considered the primary beneficiaries. Therefore, the LIHTC Funds do not consolidate these LTTPs for financial reporting purposes. These LTTPs are accounted for under the equity method as further described below in this Note 1, “Summary of Significant Accounting Policies,” under the sub-heading entitled “Investments in Partnerships.”  · Unfunded Equity Commitments  The Guaranteed Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively.  · Property Partnerships  At December 31, 2016, the Company consolidated four property partnerships because it is deemed to be the primary beneficiary of the partnerships. The Company holds equity interests in these property partnerships ranging from 0.01% to 1.00% . The assets held by these property partnerships are affordable multifamily housing properties. These consolidated property partnerships are reported in “Other assets” on the Consolidated Balance Sheets.  Cash and Cash Equivalents Cash and cash equivalents comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash. Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements. Bonds We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities. ” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether such decline in fair value is other-than-temporary. We assess that an impairment is other-than-temporary (“ OTTI ”) if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statement of Operations for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. We do not intend to sell bonds that were in an unrealized loss position at December 31, 2016 and 2015, and it is not more likely than not that we will be required to sell such bonds before recovery of the amortized cost of such instruments. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. We measure the fair value of most of our performing bonds by calculating the net present value of their expected future cash flows using discount factors that reflect the market yield for such investments. In this regard, discount factors reflect specific bond attributes such as the expected term of a bond, debt service coverage ratio, geographic location and bond size . If observable, binding market quotes are available, we will estimate the fair value of our performing bonds based on such quoted prices. For non-performing bonds ( i.e ., defaulted bonds as well as certain non-defaulted bonds that we deem at risk of default), we estimate fair value by discounting the property’s expected cash flows and residual proceeds using estimated discount and capitalization rates, less estimated selling costs. However, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available. There are significant judgments and estimates associated with projecting bond or underlying collateral cash flows for non-performing bonds given that we are required to make assumptions about macroeconomic conditions, interest rates, local and regional real estate market conditions and individual property performance. In addition, the determination of the discount rates applied to these cash flow forecasts involves significant judgments as to current credit spreads and investor return expectations. The bonds reflected on the Consolidated Balance Sheets at December 31, 2016 were valued at approximately 101% of the portfolio’s unpaid principal balance (“ UPB ”). The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed. Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, Equity Method Investments to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership's operations. Under the equity method, the Company's investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses from the partnership. The Company's allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company's cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company's investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, provided an imminent return to profitable operations by the partnership is not assured or if the Company has guaranteed obligations of the partnership or has otherwise committed to provide further financial support to the partnership. The Company and its consolidated Guaranteed Funds must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions. Loans Loans Held For Sale (“HFS”) When we originate loans that we intend to sell, we classify such loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“HFI”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on nonaccruing loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection. Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for financial reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for financial reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Other expenses.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “Net gains on real estate.” Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging. ” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of such instruments are reported in our Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.” Guarantees The Company has guaranteed minimum yields on investment to investors in Guaranteed Funds and has agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to those guarantees. Additionally, the Company has agreed to indemnify specific investors in certain non-Guaranteed Funds related to the performance of certain LTTPs. Further, t he Company has provided a limited guarantee of expected tax credits to be generated by a portfolio of low income housing tax credit partnership interests that was acquired by our LIHTC Partnership, known as MMA Capital TC Fund I, LLC (“ TC Fund I ”), which we established in the fourth quarter of 2015. In limited circumstances, the Company has also guaranteed the performance of its consolidated subsidiaries in connection with various performance obligations. At inception of a guarantee to an unconsolidated entity that requires financial statement recognition, we recognize the fair value of our obligation to stand ready to perform over the term of the guarantee in the event that specified triggering events or conditions occur. This liability is classified in Consolidated Balance Sheets as a component of “Other liabilities.” As a practical expedient, we measure the fair value of a guarantee liability based upon either cash compensation that is received at inception or the net present value of expected payments to be received from a guaranteed party over the life of such agreement. The Company will reduce this liability through the use of a systematic and rational method of amortization in which the recognized balance at inception will be evenly amortized over the life of a guarantee. However, guarantee payments made by the Company will be recorded as a reduction of the unamortized balance of a guarantee liability and, in this case, periodic amortization will be prospectively adjusted to reflect a revised amount of amortization that is based upon the-then remaining balance of a guarantee liability and the period to expiry of a guarantee. We also record at the inception of a guarantee to an unconsolidated entity a guarantee asset that is measured based upon the amount of cash compensation that we received at the inception of a guarantee or based upon the net present value of contractual guarantee fees that we expect to collect over the life of a guarantee. Recognized guarantee assets are classified in our Consolidated Balance Sheets as a component of “Other assets.” Subsequent to initial recognition, we account for a guarantee asset at amortized cost. As we collect monthly guarantee fees, we will reduce recognized guarantee assets to reflect cash payments received. We will also assess guarantee assets for other-than-temporary impairment based on changes in our estimate of the cash flows to be received. With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. We classify such liabilities in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of such activities is provided in Note 8, “Guarantees and Collateral.” Stock-Based Compensation The Company accounts for its employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date. Foreign Currency Translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI. When the foreign entity’s functional currency is determined to be the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings. Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period (this includes director and employee deferred and vested shares). The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved. Income Taxes We are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining Guaranteed Funds, are conducted by entities included in our consolidated corporate federal income tax return. ASC No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. Significant judgment is required in determining and evaluating income tax positions, including assessing the relative merits and risks of various tax treatments considering statutory, judicial and regulatory guidance available regarding the tax position. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Judgment is also required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of our deferred tax assets. In assessing our ability to realize the benefit of our deferred tax assets and thereby measuring the required valuation allowance, we consider information such as forecasted earnings, future taxable income and tax planning strategies, all of which entail significant judgment. As of December 31, 2016, we had an estimated $400.9 million of federal net operating losses representing a significant potential asset of the Company, subject to a full valuation allowance as of that measurement date. There are a number of risks associated with the potential ability of the Company to use the net operating losses, including: 1) change of control for the Company; 2) lack of taxable income generated before expiration of the carryforward period beginning in 2027; 3) potential challenges from tax authorities; and 4) changes in tax laws. On May 5, 2015, the Board adopted a Tax Benefits Rights Agreement (the “ Rights Plan ”) to potentially mitigate the risk of a change of control event. Although the Rights Plan is a deterrent against a change of control, it would not absolutely prevent a change of control and it could be subject to challenge if a change of control trigger event occurs. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first.  Prior Period Correction of an Immaterial Error In the first quarter of 2016, the Company determined that, in connection with two bond investments that were acquired in 2006 and 2007, it had understated the recognition of interest income and had overstated the recognition of unrealized holding gains on such investments in other comprehensive income by an equal and offsetting amount. This financial statement error, which had no impact on total common shareholders’ equity or diluted common shareholders’ equity per share, was attributable to the met

BONDS AVAILABLE-FOR-SALE

BONDS AVAILABLE-FOR-SALE	12 Months Ended
	Dec. 31, 2016
Bonds Available-For-Sale [Abstract]
BONDS AVAILABLE-FOR-SALE	N ote 2—B onds Available-For-Sale  The Company’s investments in bond s that are reported in the Consolidated Balance Sheets (as a component of Bonds available-for-sale) are comprised primarily of multifamily tax-exempt bonds, but also include other real estate related bond investments. M ultifamily tax-exempt bonds are issued by state and local governments or their agencies or authorities to finance multifamily rental housing . Generally, the only source of security on these bonds is either a first mortgage or a subordinate mortgage on the underlying properties. The Company’s investments in other real estate related bonds include municipal bonds that were issued to finance the development of community infrastructure that supports a mixed-use commercial development and are secured by incremental tax revenues generated from the development . Investments in other real estate related bonds also include senior investments in a trust collateralized by a pool of tax-exempt municipal bonds that finance a variety of non-profit projects such as healthcare and educational facilities, as well as a subordinated investment in a collateralized mortgage backed security that finances multifamily housing. The weighted - average pay rate on the Company’s bond portfolio was 6.1% and 5.4% at December 31, 2016 and 2015, respectively . Weighted - average pay rate represents the cash interest payments collected on the bonds as a percentage of the bonds’ average unpaid principal balance (“ UPB ”) for the preceding 12 months for the population of bonds at December 31, 2016 and 2015 , respectively. The following tables provide information about the UPB, amortized cost, gross unrealized gains and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale:     At  December 31, 2016  Gross  Amortized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains FV of UPB  Multifamily tax-exempt bonds $ 106,366 $ 73,049 $ 36,978 $ 110,027 103%  Other real estate related bond investments 47,788 41,934 4,020 45,954 96%  Total $ 154,154 $ 114,983 $ 40,998 $ 155,981 101%       At  December 31, 2015  Gross  Amortized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains FV of UPB  Multifamily tax-exempt bonds $ 160,974 $ 98,694 $ 57,915 $ 156,609 97%  Other real estate related bond investments 62,385 55,423 6,407 61,830 99%  Total $ 223,359 $ 154,117 $ 64,322 $ 218,439 98%  (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings. See Note 7 , “Fair Value , ” which describes factors that contribut ed to the $62.5 million decrease in the reported fair value of the Company’s bond portfolio for the year ended December 31, 2016 .  M aturity Principal payments on the Company’s investments in bonds are based on contractual terms that are set forth in the contractual documents governing such investments . If principal payments are not required to be made prior to the contractual maturity of a bond , its UPB is required to be paid in a lump sum payment at contractual maturity or at such earlier time as may be provided under the governing documents. At December 3 1 , 201 6 , the majority of the Company’s bonds amortiz e on a scheduled basis and have stated maturity dates between September 2017 and March 2049. The Company also had five non- amortizing bonds with principal due in full between November 2044 and August 2048 (the total cost basis and fair v alue of these bonds were $13.9 million and $26.9 million, respectively, at December 3 1 , 2016).  Bonds with Prepayment Features The contractual terms of substantially all of the Company’s investments in bonds include provisions that permit such instruments to be prepaid at par after a specified date that is prior to the ir stated maturity date. The following table provides information about the UPB, amortized cost and fair value of the Company’s investments in bonds that were prepayable at par at December 3 1 , 201 6 , as well as stratifies such information for the remainder of the Company’s investments based upon the periods in which such instruments become prepayable at par:      (in thousands) UPB Amortized Cost Fair Value  December 31, 2016 $ 37,788 $ 31,933 $ 35,414  2017 ─ ─ ─  2018 1,943 448 2,239  2019 ─ ─ ─  2020 5,245 4,467 5,396  Thereafter 109,082 78,039 112,835  Bonds that may not be prepaid 96 96 97  Total $ 154,154 $ 114,983 $ 155,981  The weighted-average expected maturity of the Company’s investments in bonds that are not currently prepayable at par at December 31, 2016 was 5.1 years. N on-Accrual Bonds The fair value of the Company’s investments in bonds that were on non-accrual status was $ 7.0 million and $43.3 million at December 3 1 , 2016 and 2015, respectively. During the period in which such bonds were on non-accrual status, the Company recognized interest income on a cash basis of $0.3 million , $1.7 million and $1.3 million for the years ended December 3 1 , 2016 , 2 015 and 2014 , respectively. Interest income not recognized during the period in which these investments in bonds were on non-accrual status was $0.6 million , $3.2 million and $4.2 million for the years ended December 31, 2016, 2015 and 2014 . During the year ended December 31, 2016, bonds that were on non-accrual status that had a fair value of $3.0 million at December 31, 2015 were sold or redeemed. B ond Aging Analysis The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments:     At At  December 31, December 31,  (in thousands) 2016 2015  Total current $ 148,967 $ 175,106  30-59 days past due ─ ─  60-89 days past due ─ ─  90 days or greater 7,014 43,333  Total $ 155,981 $ 218,439  B ond Sales and Redemptions The Company recognized cash proceeds in connection with sales and redemptions of its investments in bonds of $23.2 million, $15.3 million and $17.1 million for the years ended December 31, 2016, 2015 and 2014, respectively. The following table provides information about net realized gains that were recognized in connection with the Company’s investments in bonds (in the Consolidated Statements of Operations as a component of “Other expenses” and “Net gains on bond s” ):         For the year ended  December 31,  (in thousands) 2016 2015 2014  Net impairment recognized on bonds held at each period-end $ ─ $ ─ $ (113)  Net impairment recognized on bonds sold or redeemed during each period ─ (179) ─  Gains recognized at time of sale or redemption (1) 12,217 6,513 12,293  Total net gains on bonds $ 12,217 $ 6,334 $ 12,180 (1) The amount for 2016, reflects additional cash received for a bond that was previously redeemed in 2015. In addition to gains described above, the Company also recognized an $11.4 million gain in 2016 in connection with a nonperforming bond with respect to which the Company had foreclosed upon the multifamily property that secured such investment.

INVESTMENTS IN PARTNERSHIPS

INVESTMENTS IN PARTNERSHIPS	12 Months Ended
	Dec. 31, 2016
INVESTMENTS IN PARTNERSHIPS [Abstract]
INVESTMENT IN PARTNERSHIPS	N ote 3— I nvestments in Partnerships and Ventures The following table provides information about the carrying value of the Company’s investments in partnerships and ventures.     At At  December 31, December 31,  (in thousands) 2016 2015  Investments in U.S. real estate partnerships (includes $11,138 and $13,374 related to VIEs) (1) $ 27,596 $ 29,633  Investments in IHS-managed funds (includes $1,955 and $1,388 related to VIEs) (1) 3,296 2,501  Investment in Solar Ventures 75,526 50,521  Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 137,773 177,786  Total investments in partnerships $ 244,191 $ 260,441  (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE.  (2) See Note 14, “Consolidated Funds and Ventures,” for more information. I nvestments in U.S. Real Estate Partnerships At December 3 1 , 201 6 , $16.5 million of the reported carrying value pertains to an equity investment made by the Company in a real estate venture that was formed during the fourth quarter of 2014. The Company made an initial contribution of $8.8 million , which represent ed 80% of the real estate venture’s initial capital. Through the governing agreements, the Company is obligated to make additional capital contributions of up to an additional $4.0 million. The Company has rights to a preferred return on its capital contribution, as well as rights to share in excess cash flows of the real estate venture. As this entity was determined not to be a VIE, t he Company accounts for this investment using the equity method of accounting . At December 3 1 , 201 6 , $ 6.3 million of the reported carrying value pertains to an equity investment that represents a 33% ownership interest in a partnership that was formed to take a deed-in-lieu of foreclosure on land that was collateral for a loan held by the Company. Through the governing operating agreement, the Company is obligated to make additional capital contributions representing its proportionate amount of the partnership's obligations as they become due. This contractual commitment does not have a defined contribution limit. While this entity was determined to be a VIE, the Company was deemed not to be its primary beneficiary. Therefore, the Company did not consolidate this entity and accounts for this investment using the equity method of accounting . At December 31, 2016, $4.8 million of the reported carrying value pertains to equity investments in LIHTC partnerships acquired by a wholly owned subsidiary of the registrant, MuniMae TEI Holdings, LLC (“ TEI ”), during the fourth quarter of 2015. While these entities are determined to be VIEs, the Company was not deemed to be its primary beneficiary. Therefore, t he Company did not consolidate these entities and accounts for its investments in them using the equity method of accounting. At December 3 1 , 2016 and 2015, three and five of the U.S. real estate partnerships in which we have investments were determined to be VIEs , respectively . The carrying value of the equity investments in these partnerships was $11.1 million and $13.4 million at December 3 1 , 2016 and 2015, respectively. Other than as noted above, we are not contractually obligated to commit further capital to these investments. Our maximum exposure to loss due to our involvement with these VIEs was $11.1 million and $20.3 million as of December 3 1 , 2016 and 2015, respectively. Because we are unable to quantify the maximum amount of additional capital contributions that we may be required to fund in the future associated with our proportionate share of one of the VIEs, we measure our maximum exposure to loss based upon the carrying value of the aforementioned investments and loan receivable. The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment:     At At  December 31, December 31,  2016 2015  (in thousands)  Total assets $ 97,659 $ 114,697  Total liabilities 47,147 61,007  The following table provides information about the net income (loss) of U.S. real estate partnerships in which the Company had an equity investment:     For the year ended  December 31,  (in thousands) 2016 2015 2014  Net income (loss) $ 2,952 $ (1,345) $ 16,833  I nvestments in IHS-Managed Funds At December 31, 2016 , the Company held equity co-investments in three IHS-managed funds (SAWHF, IHS Residential Partners and IHS Fund II) that rang e from a 1.8% to a 4.25% ownership interest in such funds . IHS provides asset management services to each of these investment vehicles in return for asset management fees. For each investment vehicle, IHS also has rights to investment returns on its equity co-investment as well as rights to an allocation of profits from such funds (often referred to as “carried interest”), which are contingent upon the investment returns generated by each investment vehicle. At December 3 1 , 201 6 , the carrying value of the Company’s equity investment in SAWHF , IHS Residential Partners and IHS Fund II was $1.2 million, $1.9 million and $0.2 million, respective ly. As SAWHF and IHS Fund II entities were determined not to be VIEs, the Company accounts for these investments using the equity method of accounting. While IHS Residential Partners was determined to be a VIE, this entity was not consolidated for reporting purposes as the Company was deemed not to be its primary beneficiary. As a result, the Company accounts for this investment using the equity method of accounting. The Company does not expect to make additional capital contributions to IHS Residential Partners and, as a result, the Company believes that its risk of loss is limited to its investment balance of $1.9 million. However , through the governing shareholder agreement, IHS could be required to commit up to 180 million rand as capital contributions to such fund. In this regard, our maximum exposure to loss as a result of our involvement in this VIE is approximately $13.2 million and $11.7 million as of December 31, 2016 and 2015, respectively, based upon foreign currency exchange rates as of such reporting dates. The following table provides information about the carrying value of total assets and liabilities of the IHS-managed funds in which the Company held an equity investment:      At At  December 31, December 31,  2016 2015  (in thousands)  Total assets $ 261,082 $ 235,858  Total liabilities 110,214 103,149  The following table provides information about the net (loss) income of the IHS-managed funds in which the Company had an equity investment.       For the year ended  December 31,  (in thousands) 2016 2015 2014  Net (loss) income $ (19,718) $ (5,646) $ 6,589  I nvestment in Solar Ventures MEC originates solar loans directly and through our Solar Ventures. The Company made an initial $75 million capital contribution into REL in November 2016 that was comprised of solar energy loan investments, including our membership interests in SCL and SPL, in exchange for membership interests in REL. Because REL is not a VIE, the Company accounts for this investment using the equity method of accounting. The following table provides information about the carrying amount of total assets and liabilities of the Solar Ventures in which the Company held an equity investment:     At At  December 31, December 31,  2016 2015  (in thousands)  Total assets $ 158,365 $ 104,137  Total liabilities 4,905 3,585  The following table provides information about the net income of the Solar Ventures in which the Company had an equity investment:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Net income $ 1,206 $ 1,313 $ ─ 

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets	N ote 4—O ther Assets The following table provides information related to the carrying value of the Company’s other assets:     At At  December 31, December 31,  (in thousands) 2016 2015  Other assets:  Loans held for investment $ 4,809 $ 7,928  Loans held for sale ─ 6,417  Real estate owned 3,267 8,669  Derivative assets 7,884 3,673  Solar facilities (includes other assets such as cash and other receivables) 1,733 2,073  Accrued interest receivable 1,822 2,115  Asset management fees and reimbursements receivable 1,406 1,121  Other assets 5,526 7,485  Other assets held by CFVs (1) 44,551 18,834  Total other assets $ 70,998 $ 58,315  (1) See Note 14, “Consolidated Funds and Ventures,” for more information.  L oans Held For Investment (“HFI”) The Company’s loans that are HFI primarily include solar loans. We report the carrying value of HFI loans at their UPB, net of unamortized premiums, discounts and other cost basis adjustments and related allowance for loan losses . However, such loans are reported at fair value to the extent the Company has elected the fair value option (“ FVO ”) for such instruments and, as a result, such assets are subsequently measured on a fair value basis in our Consolidated Statement of Operations as a component of “Net gains on derivatives, loans, other assets and extinguishment of liabilities.” The following table provides information about the amortized cost and allowance for loan losses that were recognized in the Company’s Consolidated Balance Sheets related to loans tha t it classified as HFI:     At At  December 31, December 31,  (in thousands) 2016 2015  Amortized cost $ 9,202 $ 8,678  Net losses included in earnings (3,565) ─  Allowance for loan losses (828) (750)  Loans held for investment, net $ 4,809 $ 7,928  At December 31, 2016 and 2015 , HFI loans had an UPB of $16.8 million and $13.2 million, respectively, as well as deferred fees and other basis adjustments of $7.6 million and $4.5 million, respectively. At December 31, 2016, the Company had a loan that it made to a residential solar power provider with a UPB of $10.0 million (FV of $3.8 million ) that is classified as held for investment but for which the FVO was elected to minimize certain operational challenges associated with accounting for this loan. At December 31, 2016 and 2015 , of the remaining HFI loans, impaired loans had a UPB of $6.4 million and $1.1 million , respectively, and were not accruing interest. We report impairment on HFI loans as “Other expenses” in our Consolidated Statement of Operations. The carrying value for HFI loans on non-accrual status was $0.5 million and $0.3 million at December 31, 2016 and 2015, respectively. The loan that the Company made to TC Fund I on December 31, 2015 is included among this population of loans. At December 31, 2016 and 2015, no HFI loans that were 90 days or more past due in scheduled principal or interest payments were still accruing interest. Loans Held For Sale (“HFS”) We report the carrying value of HFS loans at the lower of cost or fair value with the excess of the loan’s cost over its fair value recognized as a valuation allowance within “Net gains on derivatives, loans, other assets and extinguishment of liabilities” in our Consolidated Statement of Operations. The cost basis for HFS loans was $6.0 million and $12.4 million at Dec ember 3 1 , 2016 and 2015, respectively, with a carrying value of zero and $6.4 milli on at December 31, 2016 and 2015, respectively.  During the year ended December 31, 2016 and 2015, the Company did not recognize any lower of cost or market adjustments associated with any HFS loans that were recognized in the Consolidated Balance Sheets. U nfunded Loan Commitments At December 31, 2015, the Company had unfunded loan commitments totaling $0.5 million. There were no unfunded loan commitments at December 31, 2016. Real Estate Owned (“REO ”)  The following table provides information about the carrying value of the Company’s REO held for use, net:       At At  December 31, December 31,  (in thousands) 2016 2015  Cash $ ─ $ 149  Building, furniture, fixtures and land improvement 648 4,014  Land 2,619 4,496  Other assets ─ 10  Total $ 3,267 $ 8,669  Depreciation expense was $0.1 million and $0.5 million for the year s ended December 3 1 , 2015 and 2014 . There was no depreciation expense for the year ended December 3 1 , 2016. Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years and land improvements are depreciated over a period of 15 years. During the year ended December 31, 2014, the Company recognized $0.2 million impairment loss that was reported through discontinued operations . The Company did no t recognize any impairment losses for years ended December 31, 2016 and 2015 . D erivative Assets At Dec ember 3 1, 2016 and 2015, the Company had $9.0 million and $3.7 million, respectively , of recogniz ed derivative assets. See Note 6, “Derivative Instruments,” for more information. Solar Facilities At Dec ember 3 1 , 2016 and 2015, the Company owned two and five solar facilities, respectively , that had a total carrying value of $1.3 million and $2.0 million, respectively. T he se facilities generate energy that is sold under long-term power purchase agreements to the owner or lessee of the properties on which the projects are built. During the first quarter of 2016, the Company sold one of its solar assets and recognized a gain of $0.1 million in its Consolidated Statements of Operations as a component of “Net gains on real estate.” During the third quarter of 2016, the Company recognized a $0.2 million lower of cost or market adjustment within its Consolidated Statement of Operations as a component of “Net gains on derivatives, loans, other assets and extinguishment of liabilities.” During the fourth quarter of 2016, the Company sold two of its solar assets at prices approximating their book value. At December 31, 2016, the Company redesignated its two solar facilities from HFS to HFU and recognized depreciation expense of $0.2 million in the fourth quarter of 2016. The remaining two solar facilities had accumulated depreciation of $1.7 million and $1.6 million at December 31, 2016 and 2015, respectively. A sset Management Fees and Reimbursement Receivable At Dec ember 3 1 , 2016 and 2015, the Company had $ 1.4 million and $1.1 million of asset management fees and reimb ursement receivable s, respectively, recognized in its Consolidated Balance Sheets, of which $0.9 million and $0.8 million , respectively, w ere due from IHS-managed funds and ventures. As of December 31, 2016, the Company did not recognize asset management fee income from TC Fund I given uncertainties associated with when such revenue would be realized. 

DEBT

DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt	N ote 5—D ebt The table below provides information about the carrying values and weighted- average effective interest rate s of the Company’s debt obligations that were outstanding :     At At  December 31, 2016 December 31, 2015  Weighted-Average Weighted-Average  Carrying Effective Interest Carrying Effective Interest  (dollars in thousands) Value Rate Value Rate  Asset Related Debt (1)  Notes payable and other debt – bond related (2)  Due within one year $ 2,892 2.2 % $ 1,137 1.5 %  Due after one year 79,137 2.1 88,131 1.4  Notes payable and other debt – non-bond related  Due within one year ─ ─ 7,564 13.0  Due after one year ─ ─ 3,126 10.4   Total asset related debt $ 82,029 2.1 $ 99,958 2.6   Other Debt (1)  Subordinated debt (3)  Due within one year $ 3,297 3.9 $ 3,069 3.0  Due after one year 125,899 3.4 129,185 3.0  Notes payable and other debt  Due within one year 1,948 3.9 ─ ─  Due after one year 16,869 2.3 ─ ─   Total other debt $ 148,013 3.3 $ 132,254 3.0   Total asset related debt and other debt $ 230,042 2.8 $ 232,212 2.8   Debt related to CFVs  Due within one year $ 6,885 5.7 $ 6,802 5.5  Due after one year 6,144 4.0 3,081 4.3  Total debt related to CFVs $ 13,029 4.9 $ 9,883 5.1   Total debt $ 243,071 3.0 $ 242,095 2.9  (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. (2) Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at December 31, 2016 and 2015. (3) The subordinated debt balances include net cost basis adjustments of $8.7 m illion and $9.2 million at December 31, 2016 and 2015, respectively, that pertain to premiums and debt issuance costs. C ovenant Compliance and Debt Maturities  The following table provides information about scheduled principal payment s associated with the Company’s debt agreements that were outstanding at December 3 1 , 201 6 :     Asset Related Debt CFVs  (in thousands) and Other Debt Related Debt Total Debt  2017 $ 7,704 $ 6,807 $ 14,511  2018 60,665 102 60,767  2019 14,075 109 14,184  2020 30,037 116 30,153  2021 3,031 124 3,155  Thereafter 105,935 4,867 110,802  Net premium and debt issue costs 8,595 904 9,499  Total $ 230,042 $ 13,029 $ 243,071  At December 31, 2016 , the Company was in compliance with all covenants under its debt obligations .  A sset Related Debt Notes Payable and Other Debt – Bond Related These debt obligations pertain to bonds that are classified as available-for-sale and that were financed by the Company through total return swap (“ TRS ”) agreements . In such transactions, the Company convey s its interest in bonds to a counterparty in exchange for cash consideration while simultaneously executing TRS agreements with the same counterparty for purposes of retaining the economic risks and returns of such investments. The conveyance of the Company’s interest in bonds was treated for reporting purposes as a secured borrowing while TRS agreements that were executed simultaneously with such conveyance did not receive financial statement recognition since such derivative instruments caused the conveyance of the Company’s interest in these bonds not to qualify for sale accounting treatment. At December 31, 2016, u nder the terms of these TRS agreements , the counterparty is required to pay the Company an amount equal to the interest payments received on the underlying bonds (UPB of $78.0 million with a weighted - average pay rate of 6.4% at December 3 1 , 201 6 ). The Company is required to pay the counterparty a rate of Securities Industry and Financial Markets Association seven -day municipal swap rate (“ SIFMA ”) plus a spread on the TRS agreements (notional amount of $82.1 million with a weighted - average pay rate of 2.0% at December 3 1 , 201 6 ). The Company uses this pay rate on executed TRS agreements to accrue interest on its secured borrowing obligations to its counterparty. Notes Payable and Other Debt – Non-Bond Related During the fourth quarter of 2016, the Company derecognized the debt obligation that the Company recognized in connection with a conveyance of solar loans to our Solar V enture s during the third quarter of 2015 that did not qualify for sale accounting treatment. O ther Debt Subordinated Debt The table below provides information about the key terms of the subordinate d debt that was issued by the Company’s wholly owned subsidiaries MMA Financial , Inc. (“ MFI ”) and MMA Financial Holdings, Inc. (“ MFH ”) and that was outstanding at December 3 1 , 201 6 :    (dollars in thousands) Net Premium Interim  and Debt Principal  Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon  MFI $ 27,008 $ (150) $ 26,858 Amortizing December 2027 and December 2033 8.00%  MFH 27,611 2,692 30,303 Amortizing March 30, 2035 3-month LIBOR plus 2.0%  MFH 25,107 2,459 27,566 Amortizing April 30, 2035 3-month LIBOR plus 2.0%  MFH 14,472 1,307 15,779 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  MFH 26,314 2,376 28,690 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  Total $ 120,512 $ 8,684 $ 129,196  Notes Payable and Other Debt This debt was primarily recognized in connection with the conveyance of two bonds to a buyer with which the Company concurrently executed a TRS. In this case, the transfer of the bonds did not qualify as a sale and, as a result, the proceeds received from the buyer were recognized as a debt obligation. The bonds were issued by two partnerships that own affordable multifamily properties and that were consolidated by the Company in the second quarter and fourth quarter of 2016. See Note 14, “Consolidated Funds and Ventures,” for more information. L etters of Credit The Company had no letters of credit outstanding at December 31, 2016 and 2015.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2016
Derivative Instruments [Abstract]
Derivative Instruments	N ote 6— D erivative Instruments The Company uses derivative instruments for various purposes. Pay-fixed interest rate swaps, interest rate basis swaps and interest rate caps are used to manage interest rate risk. TRS agreements are used by the Company to obtain, or retain, the economic risks and rewards associated with tax exempt municipal bonds. Derivative instruments that are recognized in the Consolidated Balance Sheets are measured on a fair value basis. Because the Company does not designate any of its derivative instruments as fair value or cash flow hedges, c hanges in fair value of such instruments are recognized in the Consolidated Statements of Operations as a component of “Net gains on derivatives, loans, other assets and extinguishment of liabilities.” Derivative assets are presented in the Consolidated Balance Sheets as a component of “Other assets” and derivative liabilities are presented in the Consolidated Balance Sheets as a component of “Other liabilities.” The following table provides information about the carrying value of the Company’s derivative instruments:      Fair Value  At At  December 31, 2016 December 31, 2015  (in thousands) Assets Liabilities Assets Liabilities  Total return swaps $ 2,327 $ 372 $ 3,658 $ 1,023  Basis swaps 176 7 ─ ─  Interest rate caps 1,553 ─ 15 ─  Interest rate swaps 3,828 ─ ─ 690  Total derivative instruments $ 7,884 $ 379 $ 3,673 $ 1,713 T he following table provides information about the notional amounts of the Company’s derivative instruments:      Notional Amounts  At At  December 31, December 31,  (in thousands) 2016 2015  Total return swaps $ 91,050 $ 111,845  Basis swaps 100,500 ─  Interest rate caps 80,000 45,000  Interest rate swaps 140,000 7,675  Total dollar-based derivative instruments $ 411,550 $ 164,520  The following table provides information about the net gains (losses) that were recognized by the Company in connection with its derivative instruments:     Gains (Losses)  For the year ended  December 31,  (in thousands) 2016 2015 2014  Total return swaps (1) $ 3,463 $ 4,446 $ 5,147  Basis swaps (2) 161 ─ ─  Interest rate caps 642 (172) (605)  Interest rate swaps (3) 3,317 (278) (399)  Warrant (4) (2,600) ─ ─  Total $ 4,983 $ 3,996 $ 4,143  (1) The cash paid and received on TRS agreements that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash received was $4.1 million, $4.0 million and $2.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. (2) The cash paid and received on the basis swaps is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.01 million for the year ended December 31, 2016. The Company also paid $0.01 million to terminate two and amend one of the basis swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.1 million through “Other assets” on the Consolidated Balance Sheets. (3) The cash paid and received on the interest rate swap is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.3 million for the years ended December 31, 2016, 2015 and 2014. The Company also paid $0.8 million to terminate one of the interest rate swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.7 million through “Other liabilities” on the Consolidated Balance Sheets. (4) As of December 31, 2016, the Company owned a contingently exercisable warrant to purchase 45,871,560 convertible preferred shares of a residential solar power provider for $0.001 per share. The fair value of this warrant was $0 as of December 31, 2016. On October 14, 2016, we terminated two, and downsized one, pay London Interbank Offer Rate (“ LIBOR ”)-receive SIFMA basis swaps that had a combined notional balance of $70.0 million. Additionally, the Company executed two pay-fixed interest swaps that had a combined notional amount of $105.0 million for purposes of synthetically fixing our cost of funding associated with a portion of outstanding TRS that is indexed to SIFMA. We also executed a pay SIFMA-receive LIBOR basis swap, a pay fixed-receive SIFMA interest rate swap and a LIBOR interest rate cap to collectively hedge $70.0 million (in notional terms) of LIBOR-based exposure associated with subordinated debt of the Company.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	N ote 7 — F air Value We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in the first table below in this Note. From time to time, we may be required to measure at fair value other assets on a nonrecurring basis such as certain loans held for investment or investments in partnerships. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-market accounting or write-downs of individual assets.  F air Value Hierarchy The Company measures the fair value of its assets and liabilities based upon their contractual terms and using relevant market information. A description of the methods used by the Company to measure fair value is provided below. Fair value measurements are subjective in nature, involve uncertainties and often require the Company to make significant judgments. Changes in assumptions could significantly affect the Company’s measurement of fair value. GAAP establishes a three-level hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Fair value measurements associated with assets and liabilities are categorized into one of the following levels of the hierarchy based upon how observable the valuation inputs are that are used in such measurements. · Level 1: Valuation is based upon q uoted prices in active markets for identical instruments.  · Level 2: Valuation is based upon q uoted prices for similar instruments in active markets , quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs or significant value drivers are observable in active markets.  · Level 3: Valuation is generated from techniques that use significant assumptions that are not observable in the market . These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. R ecurring Changes in Fair Value The following tables present the carrying amounts of assets and liabilities that are measured at fair value on a recurring basis by instrument type and based upon the level of the fair value hierarchy within which fair value measurements of such assets and liabilities are categorized .     Fair Value Measurements  At  December 31,  (in thousands) 2016 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 155,981 $ ─ $ ─ $ 155,981  Loans held for investment 3,835 ─ ─ 3,835  Derivative instruments 7,884 ─ 5,557 2,327   Liabilities:  Derivative instruments $ 379 $ ─ $ 7 $ 372      Fair Value Measurements  At  December 31,  (in thousands) 2015 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 218,439 $ ─ $ ─ $ 218,439  Loans held for sale 6,417 ─ ─ 6,417  Derivative instruments 3,673 ─ 15 3,658   Liabilities:  Derivative instruments $ 1,713 $ ─ $ ─ $ 1,713  C hanges in Fair Value Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes, but is not limited to, quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2 and Level 3. For the years ended December 31, 2016, 2015 and 2014, there were no individually significant transfers between Levels 1 and 2, or between Levels 2 and 3.     Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2016:     (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, January 1, 2016 $ 218,439 $ ─ $ 6,417 $ 3,658 $ (1,713)  Net (losses) gains included in earnings (4,776) (3,391) ─ (3,931) 577  Net change in other comprehensive income (1) 2,536 ─ ─ ─ ─  Impact from purchases 7,217 ─ ─ ─ ─  Impact from loan originations ─ 39,233 4,531 2,600 ─  Impact from sales/redemptions (10,986) (34,285) (8,670) ─ ─  Impact from bonds extinguished due to consolidation or real estate foreclosure (42,079) ─ ─ ─ ─  Impact from settlements (14,370) ─ ─ ─ 764  Transfer from loans HFS to loans HFI ─ 2,278 (2,278) ─ ─  Balance, December 31, 2016 $ 155,981 $ 3,835 $ ─ $ 2,327 $ (372)  (1) This amount includes $14. 5 million of unrealized net holding gains arising during the period, partially offset by the reversal of $12.0 million of unrealized gains related to bonds that were sold or redeemed. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the year ended December 31, 2016:     (in thousands) Net gains on bonds (1) Net losses on loans (2) Equity in Losses from LTPPs Net gains on derivatives (2)  Change in unrealized losses related to assets and liabilities still held at December 31, 2016 $ ─ $ ─ $ (4,240) (3,354)  Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ ─ (536) ─  Additional realized gains (losses) recognized 12,217 (3,391) ─ 3,805  Total gains (losses) reported in earnings $ 12,217 $ (3,391) $ (4,776) $ 451  (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2015:     (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, January 1, 2015 $ 222,899 $ ─ $ 2,539 $ (753)  Net (losses) gains included in earnings (5,517) ─ 1,418 (960)  Net change in other comprehensive income (1) 13,561 ─ ─ ─  Impact from loan originations ─ 13,373 ─ ─  Impact from purchases 15,123 ─ ─ ─  Impact from sales/redemptions (21,571) (6,956) ─ ─  Impact from settlements (6,056) ─ (299) ─  Balance, December 31, 2015 $ 218,439 $ 6,417 $ 3,658 $ (1,713)  (1) This amount represents $ 18.4 million of unrealized net holding gains arising during the period plus $0.2 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $ 5.0 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2015:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2)  Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2015 $ ─ $ (6,093) $ 458  Change in unrealized (losses) gains related to assets and liabilities held at January 1, 2015, but settled during 2015 (179) 755 ─  Additional realized gains recognized 6,513 ─ 3,710  Total gains (losses) reported in earnings $ 6,334 $ (5,338) $ 4,168  (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2014:      (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities  Balance, January 1, 2014 $ 195,332 $ ─ $ (626)  Net (losses) gains included in earnings (6,021) 2,539 (127)  Net change in other comprehensive income (1) 6,913 ─ ─  Impact from purchases 18,380 ─ ─  Impact from sales/redemptions (19,270) ─ ─  Impact from deconsolidation 47,022 ─ ─  Bonds eliminated due to real estate consolidation and foreclosure (11,058) ─ ─  Impact from settlements (8,399) ─ ─  Balance, December 31, 2014 $ 222,899 $ 2,539 $ (753)  (1) This amount represents $18.1 million of unrealized net holding gains arising during the period plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2014:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2)  Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2014 $ (113) $ (5,908) $ 2,412  Additional realized gains recognized 12,293 ─ 2,336  Total gains (losses) reported in earnings $ 12,180 $ (5,908) $ 4,748  (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations.  Fair Value Measurements of Instruments That Are Classified as Level 3 The tables that follow provide quantitative information about the valuation techniques and the range and weighted-average of significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model to measure fair value. The significant unobservable inputs for Level 3 assets and liabilities that are valued using dealer pricing are not included in the table, as the specific inputs applied are not provided by the dealer.     Fair Value Measurement as of December 31, 2016  Significant Significant  Valuation Unobservable Weighted  (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 93,082 Discounted cash flow Market yield 4.3 - 5.7 % 5.0 %  Non-performing 7,015 Discounted cash flow Market yield 8.1 8.1  Capitalization rate 6.9 6.9  Net operating income (" NOI ") annual growth rate (0.9) (0.9)  Subordinated cash flow 9,930 Discounted cash flow Market yield 7.3 - 7.4 7.4  Capitalization rate 6.0 - 6.4 6.2  NOI annual growth rate 0.4 - 0.8 0.5  Infrastructure bonds 25,145 Discounted cash flow Market yield 7.3 - 9.0 8.0  Other bonds 20,809 Discounted cash flow Market yield 3.7 - 5.5 4.6  Loans held for investment 3,835 Discounted cash flow Market yield 19.2 19.2  Derivative instruments:  Total return swaps 2,327 Discounted cash flow Market yield 3.9 -5.5 5.0  (372) Discounted cash flow Market yield 7.2 7.2  Capitalization rate 8.5 8.5  NOI annual growth rate 2.5 2.5  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.     Fair Value Measurement as of December 31, 2015  Significant Significant  Valuation Unobservable Weighted  (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 84,203 Discounted cash flow Market yield 4.6 - 7.1 % 5.6 %  20,226 Discounted cash flow Market yield 8.2 - 8.7 8.4  Capitalization rate 7.0 - 7.5 7.2  NOI annual growth rate 0.4 - 1.4 1.0  Non-performing 20,435 Discounted cash flow Market yield 7.5 - 7.9 7.7  Capitalization rate 6.2 - 6.5 6.3  NOI annual growth rate 0.5 - 1.2 0.9  22,898 Early redemption measurement  Subordinated cash flow 8,847 Discounted cash flow Market yield 7.8 - 7.9 7.9  Capitalization rate 6.4 - 6.6 6.5  NOI annual growth rate 0.0 - 0.6 0.4  Infrastructure bonds 9,381 Discounted cash flow Market yield 8.5 8.5  17,475 Dealer pricing  Other bonds 34,974 Dealer pricing  Loans held for sale 6,417 Discounted cash flow Market yield 10.0 - 15.0 13.5  Derivative instruments:  Total return swaps (983) Discounted cash flow Market yield 8.7 8.7  Capitalization rate 7.5 7.5  NOI annual growth rate 2.9 2.9  3,618 Dealer pricing  Interest rate derivatives (690) Discounted cash flow Market yield 26.2 26.2  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments. We use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques used for our Level 3 assets and liabilities are described as follows: · Discounted cash flow – This type of valuation technique involves developing a projection of expected future cash flows of an instrument and then discounting such cash flows using discount factors that consider the relative risk of the cash flows and the time value of money.  For instruments that are valued by the Company using a discounted cash flow valuation technique, the rate of return, or discount rate, that is utilized for such purposes reflects specific characteristics of an instrument including, but not limited to the expected term of the instrument, its debt service coverage ratio or credit quality, geographic location, investment size and other attributes.  o For performing multifamily bonds, infrastructure bonds and certain TRS derivatives, the Company’s projection of expected future cash flows reflects cash flows that are contractually due over the life of an instrument. The Company generally utilizes the AAA Municipal Market Data tax-exempt rate (" MMD ") for each instrument’s specific term and applies a market rate risk premium spread that reflects that instrument’s specific credit characteristics, such as size, debt service coverage, state or bond type.  o For non-performing bonds, subordinate cash flow bonds and certain TRS derivatives, the Company’s projection of expected future cash flows reflects internally-generated projections over a 10-year investment period of future NOI from the underlying properties that serve as collateral for our instruments. A terminal value, less estimated costs of sale, is then added to the projected discounted projection to reflect the remaining value that is expected to be generated at the end of the projection period. The Company utilizes geographic and sector specific discount rates that are published by an independent real estate research organization.  o For our interest rate swaps, the Company’s projection of expected future cash flows reflect s scheduled settlement payments that are expected to be exchanged over the life of such contracts.  · Early redemption measurement – This valuation technique measures the amount of early redemption proceeds that are allocable to an investment in a non-performing bond and is used in circumstances where a firm commitment to sell real estate that secures such bond investment has been executed, but is pending settlement, as of the end of a reporting period. In this case, the priority of payments that are established in a governing bond indenture is applied to determine what portion of estimated net sales proceeds of underlying real estate is payable to a non-performing bond investment when the sale of underlying real estate has settled (since such event triggers the early redemption of such bond).  · Dealer pricing – This valuation technique utilizes one dealer price to estimate fair value. We generally validate these observations of fair value through the use of a discounted cash flow technique whose unobservable inputs are disclosed in the table above.  Significant unobservable inputs presented in the preceding tables are those we consider significant to the fair value of the Level 3 asset or liability. We consider unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 asset or liability would be impacted by a predetermined percentage change, or based on qualitative factors, such as nature of the instrument, type of valuation technique used and the significance of the unobservable inputs relative to other inputs used within the valuation. Following is a description of the significant unobservable inputs provided in the table.  · Market yield – is a market rate of return used to present value the future expected cash flow to arrive at the fair value of an instrument. The market yield typically consists of a benchmark rate component and a risk premium component. The benchmark rate component, for example, MMD or SIFMA, is generally observable within the market and is necessary to appropriately reflect the time value of money. The risk premium component reflects the amount of compensation market participants require due to the uncertainty inherent in the instrument ’ s cash flows resulting from risks such as credit and liquidity. A significant decrease in this input in isolation would result in a significantly higher fair value measurement.  · Capitalization rate – is calculated as the ratio between the NOI produced by a commercial real estate property and the price for such asset. A significant decrease in this input in isolation would result in a significantly higher fair value measurement.  · NOI annual growth rate – is the amount of future growth in NOI that the Company projects each property to generate on an annual basis. These annual growth estimates take into account the Company’s expectation about the future increases, or decreases, in rental rates, vacancy rates, bad debt expense, concessions and operating expenses for each property. Generally, an increase in NOI will result in an increase to the fair value of the property.  N on-Recurring Changes in Fair Value At Septem ber 3 0 , 2016, the Company measured one of its loans classified as held for investment at fair value on a non-recurring basis for the purpose of recognizing an impairment loss . The fair value measurement of this loan, which was categorized as Level 3, was determined using a discounted cash flow methodology. Additionally, the Company recognized a $0.2 million lower of cost or market adjustment in the third quarter of 2016 related to one of its solar assets. The fair value measurement of the solar asset, which was categorized as Level 3, was determined using a discounted cash flow methodology. At the end of the third quarter of 2015, the Company measured its co-investment in SAWHF on a non-recurring basis for the purpose of recognizing an impairment loss. The fair value measurement of this investment, which was categorized as Level 3, was determined using a discounted cash flow methodology . A dditional Disclosures Related To The Fair Value of Financial Instruments That Are Not Carried On The Consolidated Balance Sheets at Fair Value The t ables that follow provide information about the carrying amounts and fair values of those financial instruments of the Company for which fair value is not measured on a recurring basis and organizes such information based upon the level of the fair value hierarchy within which fair value measurements are categorized. We have not included in such tables assets and liabilities that are not financial instruments ( e.g. , premises and equipment).    At  December 31, 2016  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 45,525 $ 45,525 $ ─ $ ─  Restricted cash 33,920 33,920 ─ ─  Restricted cash related to CFVs 23,584 23,584 ─ ─  Asset management fee receivable from TC Fund I ─ ─ ─ 2,947  Guarantee fee receivable from TC Fund I 1,348 ─ ─ 1,348  Loans held for investment 974 ─ ─ 1,106  Loans held for investment related to CFVs 65 ─ ─ 488   Liabilities:  Notes payable and other debt, bond related 82,029 ─ ─ 82,118  Notes payable and other debt, non-bond related 18,817 ─ ─ 18,817  Notes payable and other debt related to CFVs 13,029 ─ ─ 5,956  Subordinated debt issued by MFH 102,338 ─ ─ 41,327  Subordinated debt issued by MFI 26,858 ─ ─ 20,139  Guarantee obligations (1) 4,003 ─ ─ 12,616  (1) Certain of the Company’s guarantee obligations, which had a carrying value of $8.6 million as of December 31, 2016, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.      At  December 31, 2015  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 21,843 $ 21,843 $ ─ $ ─  Restricted cash 17,041 17,041 ─ ─  Restricted cash related to CFVs 22,992 22,992 ─ ─  Guarantee fee receivable from TC Fund I 4,227 ─ ─ 4,227  Loans held for investment 7,928 ─ ─ 7,687  Loans held for investment related to CFVs 65 ─ ─ 213   Liabilities:  Notes payable and other debt, bond related 89,268 ─ ─ 89,405  Notes payable and other debt, non-bond related 10,690 ─ ─ 10,717  Notes payable and other debt related to CFVs 9,883 ─ ─ 3,171  Subordinated debt issued by MFH 104,736 ─ ─ 29,518  Subordinated debt issued by MFI 27,518 ─ ─ 15,579  Guarantee obligations (1) 4,758 ─ ─ 15,557  (1) Certain of the Company’s guarantee obligations, which had a carrying value of $10.8 million as of December 31, 2015, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations. Valuation Techniques Cash and cash equivalents and restricted cash – The carrying value of these assets approximate fair value due to the short-term nature and negligible credit risk inherent in them. Accrued interest and accounts receivable – The carrying value of these assets approximate fair value due to the short-term nature and negligible credit risk inherent in them. Asset management fee receivable from TC Fund I – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments are discounted based upon a market yield. Guarantee fee receivable – The carrying value of this receivable approximates fair value due to the short-term nature and negligible credit risk inherent in such receivables . Loans held for investment – Fair value is measured using a discounted cash flow methodology pursuant to which contractual payments are discounted based upon market yields for similar loans. Notes payable and other debt – Fair value is measured by discounting contractual cash flows using a market rate of interest or by estimating the fair value of the collateral supporting the debt arrangement, taking into account credit risk. Subordinated debt – T he Company measures the fair value of the subordinate d debt by discounting contractual cash flows based upon its estimated market yield, which was 14.5% and 20% as of December 31, 2016 and 2015, respectively . As outlined in the table above, at December 31, 2016, the aggregate fair value was measured at $61.5 million. At December 3 1 , 201 6 , the measured fair value of this debt would have been $71.1 million and $53.7 million using a market yield of 12.0% and 17.0% , respectively. The measured fair value of this debt is inherently judgmental and based on management’s assumption of market yields. There can be no assurance that the Company could repurchase the remaining subordinated debt at the measured fair values reflected in the table above or that the debt would trade at that price. Guarantee obligations – The fair value of these obligations represents an estimate of what we would pay to transfer such obligations to a third party in an orderly transaction at the measurement date . The carrying value of these obligations, which reflects the unamortized balance of deferred guarantee fees received by the Company (a systematic and rational method of amortization is used to subsequently measure such liabilities for reporting purposes), approximate s their fair value. However, a s further discussed in Note 8, “Guarantees and Collateral,” the Company has guaranteed minimum yields on investment to investors in 11 LIHTC funds that are consolidated for financial reporting purposes. As a result, the unamortized balance of deferred guarantee fees associated with such funds is eliminated for financial reporting purposes. Therefore, such amounts are not included in the carrying value of the Company’s guarantee obligations as reported in the preceding tables. Nonetheless, the Company believes that, in measuring the fair value of these guarantees, market participants would assume that the unamortized balance of deferred guarantee fees is a reasonable proxy for what the Company would be expected to pay to assign its guarantee obligations to a third party. Accordingly, the unamortized balance of deferred guarantee fees associated with such guarantees, while not included in the reported carrying value of the Company's guarantee obligations, is included in the disclosed fair value of the Company's guarantee obligations.

GUARANTEES AND COLLATERAL

GUARANTEES AND COLLATERAL	12 Months Ended
	Dec. 31, 2016
Guarantees And Collateral [Abstract]
Guarantees And Collateral	N ote 8 — G uarantees and Collateral  G uarantees – LIHTC Business Line The C ompany has guaranteed minimum yields on investment to investors in 11 consolidated LIHTC funds, along with two additional guaranteed LIHTC funds that are not consolidated for reporting purposes (all 13 LIHTC funds are collectively referred to hereinafter as the “ Guaranteed Funds ”) and has agreed to indemnify the purchaser of the GP interests in those Guaranteed Funds from investor claims related to those guarantees. The Company may have to perform under such guarantees of investor yield for losses resulting from recapture of tax credits due to foreclosure or difficulties in maintaining occupancy levels as mandated by LIHTC compliance regulations with respect to the LTPPs in which the Guaranteed Funds are invested. Guarantees and i ndemnifications that relate to the 11 Guaranteed Funds that the Company consolidated for reporting purposes will expire in full by the end of 2027 while the balance of the Company’s indemnifications associated with Guaranteed Funds will expire by December 31, 2017. At December 3 1 , 2016 and 2015, the 11 Guaranteed Funds for which the Company has provided an indemnification to the purchaser of corresponding GP interests held an aggregate of $14.5 million and $13.0 million in reserves, respectively. While these reserves are not cross collateralized, they could be utilized by each Guaranteed Fund to bring projected investor yield to its guaranteed minimum. This could mitigate, or reduce, the amount that the Company could otherwise be required to pay under its contractual obligations. Additionally, because the Company holds a first mortgage revenue bond from certain LTPPs in certain Guaranteed Funds, we have control over the exercis e of default remedies (such as foreclosure) for certain LTPPs, thereby controlling potential exposure that we have under our guarantee and indemnification agreements. As of December 31, 2016 and 2015, the Company had $15.6 million and $16.4 million, respectively, of collateral pledged towards this guarantee exposure. If we are required to perform under our guarantees, we could, subject to third party consent, access or be reimbursed with this collateral. As bondholder of a defaulted LTPP in which one of the 11 Guaranteed Funds is an LP investor, the Company foreclosed on, and subsequently sold, the property of the defaulted LTPP in the first quarter of 2016. This sale caused the redemption of our bond investment, as well as a loss of future tax credits and the recapture of tax credits previously taken. As a result, the Company made a guarantee payment of $0.9 million during the second quarter of 2016 . The Company made no other guarantee payments for the years ended Decem ber 3 1 , 2016 and 2015. The Company does not have any recourse provisions that would enable it to recover from third parties any of the amounts that would be required to be paid under either of the aforementioned types of indemnifications. As of December 31, 2016, the Company concluded there were no expected tax credit deficiencies that were both probable and estimable that would require it to make a payment related to these indemnification agreements. At December 31, 2016 and 2015, the Company had $8.6 million and $10.8 million, respectively, of unamortized fees related to indemnifications associated with the 11 Guaranteed Funds. These unamortized fees are included in the Company’s measurement of its common shareholders’ equity. However, for presentation purposes, these unamortized fees are eliminated in consolidation against the 11 Guaranteed Funds’ prepaid guarantee fees. The Company has agreed to indemnify specific investors in non-Guaranteed Funds related to the performance on certain LTPPs . If a third party fails to perform on its financial obligation relating to the property’s performance, the Company will be required to indemnify impacted investors. Such indemnities will expire by December 31, 2017. On December 29, 2015, as part of TC Fund I’s acquisition of a portfolio of limited partnership investments, TEI agreed to make mandatory loans to TC Fund I for distribution to the investor involved in this transaction in the amount of 95% of the excess, if any, of the projected tax credits for years 2016 to 2020 over the tax credits actually allocated to the investor. In addition, until December 31, 2025, TEI agreed to make mandatory loans to TC Fund I for distribution to the investor in the amount of tax credits previously claimed from 2016 to 2020 that are subsequently recaptured or otherwise reduced or lost, together with associated costs. Mandatory loans are limited in amount to 70% of projected tax credits in any year ( $109.6 million of total maximum exposure ) and may be subject to certain other limitations. In addition to these limitations, the investor will absorb 5% of any loss of tax credits . On this basis, the Company recognized a $4.2 million liability in connection with TEI’s mandatory loan performance obligation . At December 3 1 , 2016, the Company had $3.8 million of unamortized fees related to the mandatory loan performance obligation. However, if the Company were ever required to make a mandatory loan to TC Fund I, the Company would have the right to recover such payment to the extent there were available cash flows from TC Fund I to provide for such reimbursement. As of December 31, 2016 and 2015, the Company had $10.0 million of collateral pledged towards TC Fund I. On November 10, 2016, the Company acquired a 0.01% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. This property is an investment included within the 11 consolidated Guaranteed Funds. As part of this acquisition, the Company guaranteed the GP’s performance in connection with its obligations under the partnership agreement, which requires the GP to pay the limited partner any potential difference caused by the actual tax credits delivered being less than projected (including recapture of credits previously taken if caused by the actions of the GP). This performance guarantee does not increase maximum exposure amounts that are disclosed in the table below associated with indemnification agreements that the Company executed in connection with the Guaranteed Funds. Refer to Notes to Consolidated Financial Statements – Note 14, “Consolidated Funds and Ventures,” for additional information. Guarantees – Energy Capital Business Line On November 7, 2016, as part of the formation of REL, the Company agreed to guarantee all payment and performance obligations of its subsidiary, MEC, to the venture. Performance under this guaranty would be required by a breach of terms under the management agreement entered into by MEC. Because the Company controls MEC, it does not expect that it would, under any circumstance, ever have to perform under this guarantee. As a result, the Company believes that there are no potential future payments to make under this guarantee. Refer to Notes to Consolidated Financial Statements – Note 3, “Investments in Partnerships and Ventures,” for more information about our Solar Ventures. The following table provides information about the maximum exposure associated with the Company’s guarantee and indemnification agreements that we executed in connection with the Guaranteed Funds, TC Fund I and certain LTPPs:     At At  December 31, 2016 December 31, 2015  Maximum Carrying Maximum Carrying  (in thousands) Exposure (1) Amount Exposure (1) Amount  Guaranteed Funds (2) $ 392,518 $ 186 $ 490,843 $ 451  TC Fund I 109,587 3,805 109,599 4,227  LTPPs 536 12 1,223 80  (1) The Company’s maximum exposure represents the maximum loss the Company could incur under such agreements but is not indicative of the likelihood of expected loss under such agreements. (2) The maximum exposure includes $388.4 million and $482.7 million related to the 11 Guaranteed Funds we consolidated at December 31, 2016 and 2015, respectively. See Note 14, “Consolidated Funds and Ventures,” for more information.  C ollateral and Restricted Assets  The following table summarizes assets that are either pledged or restricted for the Company’s use at December 31, 2016 and 2015. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets:     At  December 31, 2016  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674  Other (1) 19,992 5,868 ─ ─ 25,860  CFVs (2) 23,584 ─ 137,773 44,551 205,908  Total $ 57,504 $ 135,614 $ 137,773 $ 44,551 $ 375,442  (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by CFVs.     At  December 31, 2015  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 4,697 $ 160,876 $ ─ $ ─ $ 165,573  Other (1) 12,344 14,085 ─ 6,417 32,846  CFVs (2) 22,992 ─ 177,786 18,834 219,612  Total $ 40,033 $ 174,961 $ 177,786 $ 25,251 $ 418,031   (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by CFVs .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 —C ommitments and Contingencies  O perating Leases As of Dec ember 31 , 201 6 , the Company had four non-cancelable operating leases that expir e in 2017, 2020 and 2024. These leases require the Company to pay property taxes, maintenance and other costs. The Company recognized rental expense of $0.2 million , $0.5 million and $0.5 million for the years ended December 31, 2016, 2015 and 2014, respectively . The following table summarizes the future minimum rental commitments for the Company’s operating leases at December 3 1 , 201 6 :     (in thousands)  2017 $ 282  2018 292  2019 308  2020 182  2021 129  Thereafter 304  Total minimum future rental commitments $ 1,497  L itigation From time to time, the Company and its subsidiaries are named as defendants in various litigation matters arising in the ordinary course of business. These proceedings may include claims for substantial or indeterminate compensatory or punitive damages, or for injunctive or declaratory relief. The Company establishes reserves for litigation matters when a loss is probable and can be reasonably estimated. Once established, reserves may be adjusted when new information is obtained. At December 31, 2016, the Company had no significant litigation matters.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Equity	N ote 1 0 — E quity C ommon Share Information The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Net income from continuing operations $ 40,820 $ 18,399 $ 610  Net income from discontinued operations 1,532 327 18,188  Net income to common shareholders $ 42,352 $ 18,726 $ 18,798   Basic weighted-average shares (1) 6,254 6,881 7,647  Common stock equivalents (2), (3), (4), (5) 374 ─ ─  Diluted weighted-average shares 6,628 6,881 7,647  (1) Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding. (2) At December 31, 2016, 410,000 stock options were in the money and had a potential dilutive share impact of 372,194 . In addition, 9,468 employee deferred shares had a dilutive weighted-average share impact of 2,044 for the year ended December 31, 2016. (3) At December 31, 2015, 410,000 stock options were in the money and had a potential dilutive share impact of 339,689 . In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 12,348 for the year ended December 31, 2015. For the year ended December 31, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (4) At December 31, 2014, 410,000 stock options were in the money and had a potential dilutive share impact of 291,805 . In addition, 41,667 unvested employee deferred shares had a potential dilutive weighted-average share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (5) For the years ended December 31, 2016, 2015 and 2014 the weighted-average number of options excluded from the calculations of diluted earnings per share was 1,663 , 24,211 and 60,211 , respectively, either because of their anti-dilutive effect (i.e. , options that were not in the money) or because the option had contingent vesting requirements.  Common Shares On D ecember 1, 2016, the Board authorized a 2017 share repurchase program (“ 201 7 Plan ”) for up to 580,000 shares and the Company adopted a further Rule 10b5-1 Plan implementing the Board’s authorization . As of December 31, 2016, all previous authorizations had either expired or were completed, therefore only the 2017 Plan of up to 580,000 shares rem ains. Between January 1, 2017 and March 8, 2017, the Company repurchased 86,600 shares at an average price of $ 20.05 . Effective at the filing of this Report and until mod ified by further action by the B oard, the maximum price at which management is currently authorized to purchase shares is $23.86 per share. Effective May 5, 2015, the Company adopted the Rights Plan to help preserve the Company’s net operating losses (“ NOLs ”) . In connection with adopting the Rights Plan, the Company declared a distribution of one right per common share to shareholders of record as of May 15, 2015. The rights do not trade apart from the current common shares until the distribution date, as defined in the Rights Plan. Under the Rights Plan, the acquisition by an investor (or group of related investors) of greater than a 4.9 % stake in the Company, could result in all existing shareholders other than the new 4.9% holder having the right to acquire new shares for a nominal cost, thereby significantly diluting the ownership interest of the acquiring person. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first.  Noncontrolling Interests The f ollowing table provides information about the noncontrolling interests in CFVs and IHS PM:     At At  December 31, December 31,  (in thousands) 2016 2015  Guaranteed Funds $ 128,734 $ 176,070  Consolidated Property Partnerships 6,220 3,950  IHS PM 45 31  Total $ 134,999 $ 180,051  Guaranteed Funds At Dec ember 31, 2016 and 2015 , the noncontrolling interest holders were comprised of the limited partners as well as the general partner in the 11 Guaranteed Funds that are consolidated for reporting purposes . Consolidated Property Partnerships At Dec ember 3 1 , 2016 and 2015, the noncontrolling interest holders were comprised of the limited partners as well as the general partner of the partnerships. See Note 14, “Consolidated Funds and Ventures,” for more information. IHS P M During the second quarter of 2015, we formed a company in South Africa, IHS PM, to provide property management services to the properties of IHS- managed funds. At December 31, 2016 and 2015, the Company owns 60 % of IHS PM and the third party property manager owns the remaining 40% . Accumulated Other Comprehensive Income Allocable to Common Shareholders  The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2016:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209  Unrealized net gains (losses) 14,553 (67) 14,486  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (12,017) ─ (12,017)  Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (25,860) ─ (25,860)  Net change in AOCI (23,324) (67) (23,391)  Balance, December 31, 2016 $ 40,998 $ (3,180) $ 37,818  The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2015:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2015 $ 50,761 $ (632) $ 50,129  Unrealized net gains (losses) 18,374 (2,481) 15,893  Reclassification of unrealized gains on sold or redeemed bonds (4,992) ─ (4,992)  Reclassification of unrealized losses to operations due to impairment 179 ─ 179  Net change in AOCI 13,561 (2,481) 11,080  Balance, December 31, 2015 $ 64,322 $ (3,113) $ 61,209            The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2014:      Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2014 $ 31,876 $ (209) $ 31,667  Unrealized net gains (losses) 18,103 (343) 17,760  Reclassification of unrealized gains on sold or redeemed bonds (11,303) ─ (11,303)  Reclassification of unrealized losses to operations due to impairment 113 ─ 113  Reclassification of unrealized gains due to deconsolidation of Consolidated LTTPs 13,975 ─ 13,975  Reversal of unrealized gains from AOCI to Net Income due to foreclosure (2,003) ─ (2,003)  Other ─ (80) (80)  Net change in AOCI 18,885 (423) 18,462  Balance, December 31, 2014 $ 50,761 $ (632) $ 50,129 

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2016
Stock-Based Compensation [Abstract]
Stock-Based Compensation	N ote 1 1 — S tock-Based Compensation  The Company has stock-based compensation plans (“ Plans ”) for Non-employee Directors (“ Non-employee Directors’ Stock-Based Compensation Plans ”) and stock-based incentive compensation plans for employees (“ Employees’ Stock-Based Compensation Plans ”).  The following table provides information related to t otal compensation expense that was recorded for these Plans:     For the year ended  December 31,  (in thousands) 2016 2015 2014  Employees’ Stock-Based Compensation Plans $ 1,903 $ 2,152 $ 1,725  Non-employee Directors’ Stock-Based Compensation Plans 325 295 237  Total $ 2,228 $ 2,447 $ 1,962  E mployees’ Stock-Based Compensation Plans As of December 3 1 , 201 6 , there were 381,345 share awards available to be issued under Employees’ Stock-Based Compensation Plans. While each existing Employees’ Stock-Based Compensation Plan has been approved by the Company’s Board of Directors, not all of the Plans have been approved by the Company’s shareholders. The Plans that have not been approved by the Company’s shareholders are currently restricted to the issuance of only stock options. As a result, of the 381,345 shares available under the plans, only 17,205 are available to be issued in the form of either stock options or shares; all remaining share awards must be issued in the form of stock options. E mployee Common Stock Options The Company measures the fair value of unvested options with time-based vesting and all vested options (both time-based and performance based) using a lattice model for purposes of recognizing compensation expense. The Company believes the lattice model provides a better estimate of the fair value of these options as, according to FASB’s Accounting Standards Codification Topic 718, “the design of a lattice model more fully reflects the substantive characteristics of a particular employee share option.” Because options granted with stock price targets contain a “market condition” under FASB’s Accounting Standards Codification Topic 718, a Monte Carlo simulation is used to simulate future stock price movements for the Company. The Company believes a Monte Carlo simulation provides a better estimate of the fair value for unvested options granted with specific stock price targets as the model’s flexibility allows for the fair value to account for the vesting provisions as well as the different probabilities of stock price outcomes. All options with stock price targets are vested as of December 31, 2016. The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans:     Weighted-average  Remaining  Weighted-average Contractual Aggregate  Number of Exercise Price Life per option Intrinsic Period End  (in thousands, except per option data) Options per Option (in years) Value (1) Liability (2)  Outstanding at January 1, 2015 416 $ 3.52 6.3 $ 3,196 $ 3,281  Forfeited/Expired in 2015 ─  Outstanding at December 31, 2015 416 3.52 5.3 5,283 5,282  Forfeited/Expired in 2016 (6) 132.50  Outstanding at December 31, 2016 410 1.56 4.4 7,149 7,166   Number of options that were exercisable at:  December 31, 2015 398 3.60 5.3  December 31, 2016 410 1.56 4.4  (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 410,000 ; 416,211 ; and 412,100 ; at December 31, 2016, December 31, 2015 and January 1, 2015, respectively. The value of employee options increased by $1.9 million during the year ended December 31, 2016, due to the increase in market value of our stock price. This increase was recognized as additional compensation expense. Employee Deferred Shares The following table summarizes the deferred shares granted to employees :        Weighted-average  Deferred Share Grant Date Period End  (in thousands, except per share data) Grants Share Price Liability  Balance, January 1, 2016 10 $ 4.40 $ 126  Granted in 2016 ─ ─  Issued in 2016 (10) 4.40  Forfeited in 2016 ─ ─  Balance, December 31, 2016 ─ ─ ─  All employee deferred shares were vested and issued during the first quarter of 2016. The Company recognized $18,741 of additional compensation expense related to employee deferred shares during the first quarter of 2016 mainly driven by the increase in MMA’s share price and amortization of existing grants.  N on-Employee Directors’ Stock-Based Compensation Plans The Non -employee Directors’ Stock-based Compensation Plans authorize a total of 1,130,000 shares for issuance, of which 416,177 were available to be issued at December 3 1 , 201 6 . The Non-employee Directors’ Stock-based Compensation Plans provide for grants of non-qualified common stock options, common shares, restricted shares and deferred shares. On March 12, 2015, the Board adopted an amendment to the Non-employee Directors ’ Stock-based Compensation Plans providing for directors to be paid $60,000 per year with 50% pa yable in cash and 50% payable in share based grants. In addition, the Chairman receives an additional $20,000 per year, the Audit Committee Chair receives an additional $15,000 per year and the other committee chairs receive an additional $10,000 per year. The table below summarizes non-employee director compensation, including cash, vested options and common and deferred shares, for services rendered for the years ended December 3 1 , 201 6, 2015 and 201 4 . The directors are fully vested in the deferred shares at the grant date.     Common Deferred Weighted-average  Shares Shares Grant Date Options Directors' Fees  Cash Granted Granted Share Price Vested Expense  December 31, 2016 $ 162,500 ─ 9,387 $ 17.31 ─ $ 325,000  December 31, 2015 147,500 4,779 7,670 11.85 ─ 295,000  December 31, 2014 118,750 8,462 5,904 8.27 ─ 237,500 

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Taxes	N ote 1 2 —I ncome T axes The Company is a limited liability company that has elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining LIHTC Funds, are conducted by entities included in our consolidated corporate federal income tax return. The Company has significant NOLs that we expect will be sufficient to offset federal taxable income and gains for the foreseeable future. However, we currently maintain a valuation allowance against our entire deferred tax asset, based upon our assessment of the likelihood that such asset would be realized.  The following table summarizes the components of the income tax benefit for the years ended December 31, 2016, 2015 and 2014:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Federal income tax benefit:  Current $ ─ $ ─ $ ─  Deferred ─ ─ ─  State income tax expense:  Current (379) (263) (242)  Deferred ─ ─ ─  Foreign income tax expense:  Current (300) ─ ─  Deferred ─ ─ ─  Income tax expense $ (679) $ (263) $ (242)  The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2016, 2015 and 2014:    For the year ended  December 31,  (in thousands) 2016 2015 2014  Loss from continuing operations before income taxes $ (5,112) $ (36,321) $ (99,364)   Income tax benefit at federal statutory rate ( 35% ) 1,789 12,712 34,778  Permanent differences:  Impact on taxes from entities not subject to tax (17,518) (22,214) (41,280)  State income taxes, net of federal tax effect 487 (2,065) (2,308)  Foreign losses (116) (231) (1,086)  Impact from other comprehensive income 9,052 309 2,562  Tax-exempt interest, net 319 769 1,140  State net operating loss adjustment 6,620 1,490 103  Other (184) 484 178  Net decrease in the valuation allowance (1,128) 8,483 5,671  Income tax expense $ (679) $ (263) $ (242)  The following table summarizes the deferred tax assets and deferred tax liabilities, net of valuation allowance at December 31, 2016 and 2015:     At At  December 31, December 31,  (in thousands) 2016 2015  Deferred tax assets:  Net operating loss, tax credits and other tax carryforwards $ 179,404 $ 184,527  Guaranteed fees 4,984 6,031  Asset management fees 7,719 7,323  Cancellation of subordinated debt 5,394 5,545  Other 6,293 (224)  Total deferred tax assets 203,794 203,202  Less: valuation allowance (203,794) (203,202)  Total deferred tax assets, net $ - $ - The following table summarizes the change in the valuation allowance for the years ended December 31, 2016 and 2015:     For the year ended  December 31,  (in thousands) 2016 2015  Balance, January 1 $ 203,202 $ 211,800  Net reductions due to discontinued operations (536) (115)  Net reductions due to continuing operations 1,128 (8,483)  Balance, December 31 $ 203,794 $ 203,202  At December 31, 2016 and 2015, the Company determined that it was more likely than not that the deferred tax assets would not be fully realized and, therefore, the Company recorded a deferred tax asset valuation allowance of $203. 8 million and $203.2 million , respectively. The Company considered information such as forecasted earnings, future taxable income and tax planning strategies in measuring the required valuation allowance. The Company will continue to assess whether the deferred tax assets are realizable and will adjust the valuation allowance as needed. For the tax year ending December 31, 2016, the Company had income taxes payable (net of current taxes receivable) of $0.3 million reported through “Accounts payable and accrued expenses.” For the tax year ending December 31, 2015, the Company had state income taxes receivable (net of current taxes payable) of $0.3 million, reported through “Other assets.” At December 31, 2016 and 2015, the Company had pre-tax federal NOLs of $400.9 million and $436.9 million , respectively, which are available to reduce future federal income taxes and begin to expire in 2027. Significant judgment is required in determining and evaluating income tax positions. The Company establishes additional provisions for income taxes when there are certain tax positions that could be challenged and that may not be supportable upon review by taxing authorities. At December 31, 2016 and 2015, the Company had a liability for unrecognized tax benefits, including potential interest and penalties should the Company’s tax position not be sustained by the applicable reviewing authority. This liability is reported in “Other liabilities” in the consolidated balance sheets . A reconciliation of the beginning and ending amount for unrecognized tax benefits is as follows:     For the year ended  December 31,  (in thousands) 2016 2015 2014  Balance, January 1 $ 1,984 $ 1,466 $ 1,142  Net increases for tax positions of prior years 42 42 42  Net increases due to tax positions that only affect timing 524 476 282  Balance, December 31 $ 2,550 $ 1,984 $ 1,466  Of the uncertain tax position presented above , $0.8 million would have an impact on the effective tax rate for the periods ended December 31, 2016, 2015 and 2014, in the event an unfavorable settlement occurs with the respective tax authorities. This amount includes the accrued liability for interest and penalties of $0.4 million, $0.4 million and $0.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. The changes to tax positions that only affect timing are comprised of temporary differences that, if recognized, would increase the amount of the NOL carryforwards and would be subject to a full valuation allowance.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2016
Discontinued Operations [Abstract]
Discontinued Operations	N ote 1 3 — D iscontinued Operations The table below provides information about income and expenses related to the Company’s discontinued operations. The discontinued operations activity reported during the years ended December 3 1 , 2016, 2015 and 2014 relates to operations that were disposed of prior to the Company’s adoption of Accounting Standards Update No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) ─ Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.”     For the year ended  December 31,  (in thousands) 2016 2015 2014  Income from CFVs $ ─ $ ─ $ 279  Income from REO operations ─ ─ 1,148  Expenses from CFVs ─ ─ (243)  Expenses from REO operations ─ ─ (1,112)  Other income 333 333 333  Other expense (3) (6) (70)  Net income before disposal activity 330 327 335  Disposal:  Net gains on real estate and other investments 1,202 ─ 17,683  Net gains related to CFVs ─ ─ 20  Net income from discontinued operations 1,532 327 18,038  Loss from discontinued operations allocable to noncontrolling interests ─ ─ 150  Net income to common shareholders from discontinued operations $ 1,532 $ 327 $ 18,188  

CONSOLIDATED FUNDS AND VENTURES

CONSOLIDATED FUNDS AND VENTURES	12 Months Ended
	Dec. 31, 2016
Consolidated Funds and Ventures [Abstract]
Consolidated Funds and Ventures	N ote 1 4 — C onsolidated Funds and Ventures Due to the Company generally having a minimal ownership interest in certain consolidated entities, the assets, liabilities, revenues, expenses, equity in losses from those entities’ unconsolidated LTPPs and the losses allocated to the noncontrolling interests of the consolidated entities have been separately identified in our C onsolidated B alance S heets and Consolidated S tatements of O perations. Third-party ownership in these CFVs is recorded in equity as “Noncontrolling interests in CFVs and IHS PM .” G uaranteed Funds As further discussed in Note 8 , “Guarantees and Collateral,” the Company has guaranteed minimum yields on investment to investors in 11 Guaranteed Funds that are consolidated by the Company for reporting purposes. The Guaranteed Funds’ primary assets are their investments in LTPPs, which are the owners of the affordable housing properties (see Investments in LTPPs in the Asset Summary below). The Guaranteed Funds account for these investments using the equity method of accounting. C onsolidated Property Partnerships As of December 31, 2016, the Company is the general partner in four LTPPs in which it holds equity interests ranging from 0.01 % - 1.00% . Because the Company was determined to be the primary beneficiary, the four entities have been consolidated by the Company for financial reporting purposes as of December 31, 2016. The investors in these consolidated entities have no recourse against the assets of the Company. Additionally, on December 31, 2015, in conjunction with TC Fund I's acquisition of a portfolio of low income housing tax credit partnership investments, the Company acquired a 99.89% limited partnership interest in an entity that owns an affordable multifamily property. The partnership sold the underlying property on October 26, 2016 and the Company received net sales proceeds of $2.6 million for its equity interest. Asset Summary: The following table summarizes the assets of the CFVs:     At At  December 31, December 31,  (in thousands) 2016 2015  Cash, cash equivalents and restricted cash $ 23,584 $ 22,992  Investments in LTPPs 137,773 177,786  Real estate held for use, net 36,942 9,821  Real estate held for sale, net 145 ─  Other assets 7,464 9,013  Total assets of CFVs $ 205,908 $ 219,612  T he assets of the CFVs are restricted for use by the specific owner entity and are not available for the Company’s general use. Investments in LTPPs The Guaranteed Funds’ limited partner investments in LTPPs are accounted for using the equity method of accounting . The following table provides the assets and liabilities of the LTPPs:     At At  December 31, December 31,  (in thousands) 2016 2015  Total assets of the LTPPs (1) $ 1,124,274 $ 1,216,319  Total liabilities of the LTPPs (1) 937,335 1,008,835   (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.  The following table provides information about the net loss of the LTPPs related to CFVs:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Net loss $ (24,687) $ (33,063) $ (42,785)  The Company’s exposure to loss related to the Guaranteed Funds and the underlying LTPPs has two elements: exposure to loss associated with our financial guarantee s as described above and exposure to loss related to the Company’s investments in bonds that are dependent upon repayment by certain LTPPs within the Guaranteed Funds. Although the Company does not anticipate having to perform under its guarantees, the Company’s maximum exposure to loss associated with our guarantees was $388.4 million and $482.7 million at December 31, 2016 and 2015, respectively, while the Company’s maximum exposure to loss related to its investments in bonds was $87.6 million and $126.4 million at December 31, 2016 and 2015 , respectively. Real estate held for use, net The carrying value of the assets of consolidated property partnerships was comprised of the following:    At At  December 31, December 31,  (in thousands) 2016 2015  Building, furniture and fixtures $ 33,281 $ 8,696  Accumulated depreciation (1,085) (89)  Land 4,746 1,214  Total $ 36,942 $ 9,821  Depreciation expense was $1.0 million , $0.1 million and $4.8 million for the years ended December 31, 2016, 2015 and 2014, respectively . Buildings are depreciated over a period of 40 years. Furniture and fixtures are depreciated over a period of six to seven years. The Company did not recognize any impairment losses for the years ended December 31, 2016, 2015 and 2014. During the first quarter of 2016, the Company reclassified a property with a carrying value of $3.7 million from real estate held for use to real estate held for sale. During the second quarter of 2016, the Company acquired a 1.0% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. The Company accounted for this acquisition as a business combination and, as part of this transaction, acquired cash, tangible assets, which included land, building, furniture, fixtures and equipment and assumed liabilities of the partnership. The fair value of the partnership’s tangible assets w as determined by discounting the expected future cash flows associated with the underlying property, using market discount and capitalization rates, less estimated selling costs. The total consideration paid by the Company of $0.1 million for the acquisition was equal to the net fair value of the assets acquired, liabilities assumed and noncontrolling interest. The fair value of the noncontrolling interest at the date of acquisition was $1.9 million. A reclassification into our Consolidated Statement of Operations of $4.2 million of “Other comprehensive income (loss) allocable to common shareholders” representing unrealized gains was triggered when the Company consolidated the property. During the third quarter of 2016, the Company acquired a 0.01% general partnership interest in an entity that that owns an affordable multifamily property. The Company accounted for this acquisition as a business combination and, as part of this transaction, acquired cash, tangible assets, which included land, building, furniture, fixtures and equipment and assumed liabilities of the partnership. The fair value of the partnership’s tangible assets was determined by discounting the expected future cash flows associated with the underlying property, using market discount and capitalization rates, less estimated selling costs. The total consideration paid by the Company of $0.1 million for the acquisition was equal to the net fair value of the assets acquired, liabilities assumed and noncontrolling interest. The fair value of the noncontrolling interest at the date of acquisition was $0.9 million . During the fourth quarter of 2016, the Company acquired a 0.01% general partnership interest in an entity that owns an affordable multifamily property that served as collateral for one of our bond investments. The Company accounted for this acquisition as a business combination and, as part of this transaction, acquired cash, tangible assets, which included land, building furniture, fixtures and equipment and assumed liabilities of the partnership. The fair value of the partnership’s tangible assets was determined by discounting the expected future cash flows associated with the underlying property, using market discount and capitalization rates, less estimated selling costs. The total consideration paid by the Company of $0.3 million for the acquisition was deemed to be in excess of the net fair value of the assets acquired, liabilities assumed and noncontrolling interest and was therefore recorded as goodwill. The fair value of the noncontrolling interest at the date of acquisition was $0.3 million . A reclassification into our Consolidated Statement of Operations of $ 10.2 million of “Other comprehensive income (loss) allocable to common shareholders” representing unrealized gains was triggered when the Company consolidated the property. Real estate held for sale , net The carrying value of assets of the consolidated property partnership was comprised of the following:      At At  December 31, December 31,  (in thousands) 2016 2015  Cash $ 145 $ ─  Building, furniture and fixtures ─ ─  Land ─ ─  Other assets ─ ─  Total $ 145 $ ─  Liability Summary: The following table summarizes the liabilities of the CFVs:     At At  December 31, December 31,  (in thousands) 2016 2015  Debt (1), (2) $ 13,029 $ 9,883  Unfunded equity commitments to unconsolidated LTPPs 8,103 8,203  Asset management fee payable 28,373 24,828  Other liabilities 4,209 3,405  Total liabilities of CFVs $ 53,714 $ 46,319  (1) At December 31, 2016 and 2015, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 5.75% , and was due on demand. (2) At December 31, 2016, $6.3 million of this debt was related to two consolidated property partnerships and had a UPB of $5.4 million and weighted-average effective interest rate of 4.0% with various maturity dates through March 11, 2029. At December 31, 2015, $3.2 million of this debt was related to two consolidated property partnerships and had a UPB of $2.8 million and weighted-average effective interest rate of 4.3% with various maturity dates through May 1, 2039.  Income Statement Summary: The following section provides more information related to the income statement of the CFVs :      For the year ended  December 31,  (in thousands) 2016 2015 2014  Revenue:  Rental and other income from real estate $ 2,912 $ 102 $ 10,210  Interest and other income 1,054 886 6,284  Total revenue from CFVs 3,966 988 16,494   Expenses:  Depreciation and amortization 3,196 2,296 7,012  Interest expense 573 384 3,087  Other operating expenses 7,355 5,194 48,328  Foreign currency loss ─ ─ 5,030  Asset impairments 25,113 29,923 26,978  Total expenses from CFVs 36,237 37,797 90,435   Net losses related to CFVs:  Investment (loss) gains (451) 853 13,121  Derivative gains ─ ─ 2,244  Net loss due to deconsolidation of CFVs ─ ─ (23,867)  Net loss on sale of properties ─ ─ (138)  Equity in losses from LTPPs of CFVs (17,254) (22,219) (32,730)  Net loss (49,976) (58,175) (115,311)  Net losses allocable to noncontrolling interests in CFVs (1) 46,686 55,014 100,140  Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171)  (1) Excludes $75 and $31 of net gain allocable to the noncontrolling interest holder in IHS PM for the years ended December 31, 2016 and 2015. Excludes $76 of net loss allocable to the noncontrolling interest holder in IHS for the year ended December 31, 2014. These amounts are excluded from this presentation because IHS PM and IHS related activity are not included within CFV income statement activity above.  The details of Net loss allocable to the common shareholders related to CFVs:         For the year ended  December 31,  (in thousands) 2016 2015 2014  Asset management fees $ ─ $ ─ $ 4,103  Guarantee fees 1,238 1,324 1,324  Interest income 502 ─ 1,526  Equity in losses from LTPPs (4,776) (5,338) (5,912)  Equity in income from Consolidated Property Partnerships 344 ─ ─  Equity in income from SAWHF ─ ─ 343  Other expenses (598) ─ (1,105)  Net gain due to consolidation of CFVs ─ 853 ─  Net loss due to deconsolidation of CFVs ─ ─ (15,450)  Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171) 

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Reporting Disclosure	N ote 1 5 — S egment Information The Company operates through three reportable segments: U.S. Operations, International Operations and Corporate Operations . The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs. We have revised the presentation for the years ended December 31, 2015 and 2014, which had no impact on Net income to common shareholders.         For the year ended December 31, 2016  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 15,255 $ 132 $ 104 $ (502) (1) $ 14,989  Total interest expense (1,870) ─ (294) ─ (2,164)  Net interest income 13,385 132 (190) (502) 12,825   Total fee and other income 6,293 6,770 3 (1,238) (2) 11,828  Revenue from CFVs 3,966 ─ ─ ─ 3,966  Total non-interest revenue 10,259 6,770 3 (1,238) 15,794  Total revenues, net of interest expense 23,644 6,902 (187) (1,740) 28,619  Operating and other expenses:  Interest expense (125) (2) (4,309) ─ (4,436)  Operating expenses (9,736) (8,993) (6,512) ─ (25,241)  Other expenses, net (2,568) 836 (113) 598 (3) (1,247)  Expenses from CFVs (37,723) ─ ─ 1,486 (1), (2), (4) (36,237)  Total operating and other expenses (50,152) (8,159) (10,934) 2,084 (67,161)  Net gains on assets, derivatives and extinguishment of liabilities 16,416 1 (14) ─ 16,403  Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 25,860 ─ ─ ─ 25,860  Equity in income (losses) from unconsolidated funds and ventures 9,711 (495) ─ (344) 8,872  Net gains related to CFVs (451) ─ ─ ─ (451)  Equity in losses from Lower Tier Property Partnerships of CFVs (17,254) ─ ─ ─ (17,254)  Income (loss) from continuing operations before income taxes 7,774 (1,751) (11,135) ─ (5,112)  Income tax expense ─ (300) (379) ─ (679)  Income from discontinued operations, net of tax 1,532 ─ ─ ─ 1,532  Net income (loss) 9,306 (2,051) (11,514) ─ (4,259)  (Income) loss allocable to  noncontrolling interests:  Net (income) losses allocable to  noncontrolling interests in CFVs:  Related to continuing operations 46,686 (75) ─ ─ 46,611  Net income (loss) allocable to common shareholders $ 55,992 $ (2,126) $ (11,514) $ ─ $ 42,352  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.5 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2016 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. (3) Represents a lower of cost or market adjustment on a property held for sale that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million was reflected in other expenses for U.S. Operations. (4) Represents equity in income from the Consolidated Property Partnerships that the Company recognized as an allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the Company recognized $1.5 million of gains in U.S. Operations.      For the year ended December 31, 2015  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 15,844 $ 68 $ 82 $ ─ $ 15,994  Total interest expense (1,820) ─ (518) − (2,338)  Net interest income 14,024 68 (436) ─ 13,656   Total fee and other income 8,834 5,679 488 (1,324) (1) 13,677  Revenue from CFVs 988 ─ ─ − 988  Total non-interest revenue 9,822 5,679 488 (1,324) 14,665  Total revenues, net of interest expense 23,846 5,747 52 (1,324) 28,321  Operating and other expenses:  Interest expense (1,158) (96) (6,039) ─ (7,293)  Operating expenses (7,957) (8,974) (5,992) ─ (22,923)  Other expenses (1,656) (4,655) (1,146) ─ (7,457)  Expenses from CFVs (39,121) ─ ─ 1,324 (1) (37,797)  Total operating and other expenses (49,892) (13,725) (13,177) 1,324 (75,470)  Net gains on assets, derivatives and extinguishment of liabilities 27,154 4,175 ─ ─ 31,329  Equity in income from unconsolidated funds and ventures 902 (37) ─ ─ 865  Net gains related to CFVs 853 ─ ─ ─ 853  Equity in (losses) income from Lower Tier Property Partnerships of CFVs (22,219) ─ ─ ─ (22,219)  Income (loss) from continuing operations before income taxes (19,356) (3,840) (13,125) ─ (36,321)  Income tax expense (29) ─ (234) ─ (263)  Income from discontinued operations, net of tax 327 ─ ─ ─ 327  Net income (loss) (19,058) (3,840) (13,359) ─ (36,257)  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling  interests in CFVs:  Related to continuing operations 55,014 (31) ─ ─ 54,983  Net income (loss) allocable to common shareholders $ 35,956 $ (3,871) $ (13,359) $ ─ $ 18,726  (1) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2015 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.      For the year ended December 31, 2014  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 20,542 $ 53 $ 19 $ (1,526) (1) $ 19,088  Total interest expense (2,414) ─ (706) − (3,120)  Net interest income 18,128 53 (687) (1,526) 15,968   Total fee and other income 10,497 5,554 32 (5,427) (2) 10,656  Revenue from CFVs 16,494 ─ ─ − 16,494  Total non-interest revenue 26,991 5,554 32 (5,427) 27,150  Total revenues, net of interest expense 45,119 5,607 (655) (6,953) 43,118  Operating and other expenses:  Interest expense (2,707) (144) (10,925) ─ (13,776)  Operating expenses (6,919) (8,356) (6,252) ─ (21,527)  Other expenses (4,151) (194) (242) 1,105 (3) (3,482)  Expenses from CFVs (81,176) ─ ─ (9,259) (5) (90,435)  Total operating and other expenses (94,953) (8,694) (17,419) (8,154) (129,220)  Net gains on assets, derivatives and extinguishment of liabilities 18,247 ─ 1,120 ─ 19,367  Net gains transferred into net income from AOCI due to real estate foreclosure 2,003 ─ ─ ─ 2,003  Equity in income from unconsolidated funds and ventures 6,500 238 ─ ─ 6,738  Net gains related to CFVs 15,227 ─ ─ ─ 15,227  Equity in (losses) income from Lower Tier Property Partnerships of CFVs (32,730) 343 ─ (343) (4) (32,730)  Net losses due to deconsolidation of CFVs (39,317) ─ ─ 15,450 (23,867)  Income (loss) from continuing operations before income taxes (79,904) (2,506) (16,954) ─ (99,364)  Income tax expense ─ ─ (242) ─ (242)  Income from discontinued operations, net of tax 18,038 ─ ─ ─ 18,038  Net income (loss) (61,866) (2,506) (17,196) ─ (81,568)  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling  interests in CFVs:  Related to continuing operations 100,140 76 ─ ─ 100,216  Related to discontinued operations 150 ─ ─ ─ 150  Net income (loss) allocable to common shareholders $ 38,424 $ (2,430) $ (17,196) $ ─ $ 18,798  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million was reflected in total interest income for U.S. Operations. (2) This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million was reflected in total fee and other income for International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during 2014 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in SAWHF (i.e., 2.7% of SAWHF’s 2014 net income) which was recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA.  The following table provides information about total assets by segment:            December 31, December 31,  (in thousands) 2016 2015  ASSETS  U.S. Operations (includes $205,908 and $219,612 related to CFVs) $ 517,286 $ 571,213  Corporate Operations 48,459 21,619  International Operations 8,454 6,239  Total MMA consolidated assets $ 574,199 $ 599,071 

SELECTED QUARTERLY FINANCIAL IN

SELECTED QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Selected Quarterly Financial Information	N ote 1 6 — Selected Quarterly Financial Information (Unaudited) T he Company’s consolidated statements of operations for the quarterly periods in 2016 and 2015 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods.     Unaudited  For the 2016 Quarter Ended  (in thousands, except per share data) March 31 June 30 September 30 December 31  Interest income  Interest on bonds $ 3,254 $ 2,705 $ 3,230 $ 2,305  Interest on loans and short-term investments 437 886 1,195 977  Total interest income 3,691 3,591 4,425 3,282   Interest expense  Bond related debt 295 335 404 443  Non-bond related debt 254 217 181 35  Total interest expense 549 552 585 478  Net interest income 3,142 3,039 3,840 2,804   Non-interest revenue  Asset management fees and reimbursements 1,892 2,261 2,383 2,324  Other income 647 954 1,109 258  Revenue from CFVs 819 726 1,163 1,258  Total non-interest revenue 3,358 3,941 4,655 3,840  Total revenues, net of interest expense 6,500 6,980 8,495 6,644   Operating and other expenses  Interest expense 1,042 1,075 1,121 1,198  Salaries and benefits 4,080 3,919 4,288 4,826  General and administrative 700 655 633 805  Professional fees 1,435 1,005 1,452 1,443  Other expenses 48 735 (3) 467  Expenses from CFVs 8,368 9,014 10,065 8,790  Total operating and other expenses 15,673 16,403 17,556 17,529   Net gains (losses) on bonds 2,295 28 (69) 9,963  Net gains on real estate and other investments 116 ─ 1,585 127  Net gains (losses) on derivatives, loans, other assets and extinguishment of liabilities 682 1,424 894 (642)  Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 11,442 4,205 ─ 10,213  Equity in income from unconsolidated funds and ventures 4,461 2,126 1,478 807  Net (losses) gains related to CFVs ─ (598) ─ 147  Equity in losses from lower tier property partnerships of CFVs (5,686) (4,937) (4,993) (1,638)  Net loss from continuing operations before income taxes 4,137 (7,175) (10,166) 8,092  Income tax expense (72) (34) (43) (530)  Net income from discontinued operations, net of tax 83 83 1,285 81  Net income (loss) 4,148 (7,126) (8,924) 7,643  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling interests in CFVs and IHS PM:  Related to continuing operations 12,457 12,256 13,099 8,799  Net income allocable to common shareholders $ 16,605 $ 5,130 $ 4,175 $ 16,442   Basic income per common share:  Income from continuing operations $ 2.54 $ 0.80 $ 0.47 $ 2.71  Income from discontinued operations 0.01 0.01 0.21 0.01  Income per common share $ 2.55 $ 0.81 $ 0.68 $ 2.72   Diluted income per common share:  Income from continuing operations $ 2.51 $ 0.80 $ 0.44 $ 2.61  Income from discontinued operations 0.01 0.01 0.20 0.01  Income per common share $ 2.52 $ 0.81 $ 0.64 $ 2.62   Weighted-average common shares outstanding:  Basic 6,523 6,289 6,174 6,034  Diluted 6,882 6,289 6,549 6,408           Unaudited  For the 2015 Quarter Ended  (in thousands, except per share data) March 31 June 30 September 30 December 31  Interest income  Interest on bonds $ 4,026 $ 3,281 $ 3,298 $ 3,006  Interest on loans and short-term investments 741 803 396 443  Total interest income 4,767 4,084 3,694 3,449   Interest expense  Bond related debt 326 379 318 313  Non-bond related debt 148 132 305 417  Total interest expense 474 511 623 730  Net interest income 4,293 3,573 3,071 2,719   Non-interest revenue  Income on preferred stock investment 1,297 1,311 1,326 419  Asset management fees and reimbursements 1,421 1,575 1,924 1,887  Other income 723 810 656 328  Revenue from CFVs 67 133 209 579  Total non-interest revenue 3,508 3,829 4,115 3,213  Total revenues, net of interest expense 7,801 7,402 7,186 5,932   Operating and other expenses  Interest expense 3,196 1,708 1,300 1,089  Salaries and benefits 3,272 3,911 4,232 4,318  General and administrative 863 773 719 868  Professional fees 1,144 881 718 1,224  Other expenses 107 1,722 2,267 3,361  Expenses from CFVs 9,316 9,014 10,890 8,577  Total operating and other expenses 17,898 18,009 20,126 19,437   Net gains on bonds 583 3,792 626 1,512  Net gains on real estate and other investments ─ 5,622 4,296 6,577  Net gains on derivatives, loans, other assets and extinguishment of liabilities 985 928 1,523 4,885  Equity in income from unconsolidated funds and ventures 73 20 281 491  Net gains related to CFVs ─ ─ ─ 853  Equity in losses from lower tier property partnerships of CFVs (5,693) (6,654) (3,919) (5,953)  Net loss from continuing operations before income taxes (14,149) (6,899) (10,133) (5,140)  Income tax (expense) benefit (71) (61) (146) 15  Net income from discontinued operations, net of tax 78 83 83 83  Net loss (14,142) (6,877) (10,196) (5,042)  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling interests in CFVs and IHS PM:  Related to continuing operations 14,304 14,168 13,780 12,731  Net income allocable to common shareholders $ 162 $ 7,291 $ 3,584 $ 7,689   Basic income per common share:  Income from continuing operations $ 0.01 $ 1.04 $ 0.52 $ 1.15  Income from discontinued operations 0.01 0.01 0.01 0.01  Income per common share $ 0.02 $ 1.05 $ 0.53 $ 1.16   Diluted income per common share:  Income from continuing operations $ 0.01 $ 1.04 $ 0.50 $ 1.15  Income from discontinued operations 0.01 0.01 0.01 0.01  Income per common share $ 0.02 $ 1.05 $ 0.51 $ 1.16   Weighted-average common shares outstanding:  Basic 7,213 6,955 6,746 6,617  Diluted 7,213 6,955 7,091 6,617  

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“ GAAP ”) in the U.S. To conform to our current period presentation, we have reclassified certain amounts reported in our prior periods’ consolidated financial statements. The Company evaluates subsequent events through the date of filing with the Securities and Exchange Commission (“ SEC ”). 
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, commitments and contingencies, and revenues and expenses. Management has made significant estimates in certain areas, including the determination of fair values for bonds, derivative instruments, guarantee obligations, and certain assets and liabilities of CFVs. Management has also made significant estimates in the determination of impairment on bonds and real estate investments. Actual results could differ materially from these estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and of entities that are considered to be variable interest entities in which the Company is the primary beneficiary, as well as those entities in which the Company has a controlling financial interest, including wholly owned subsidiaries of the Company. All intercompany transactions and balances have been eliminated in consolidation. Equity investments in unconsolidated entities where the Company has the ability to exercise significant influence over the operations of the entity, but is not considered the primary beneficiary, are accounted for using the equity method of accounting. Variable Interest Entity (“VIE”) Assessment We have interests in various legal entities that represent VIEs. A VIE is an entity (1) that has total equity at risk that is not sufficient to finance its activities without additional subordinated financial support from other entities, (2) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance, or the obligation to absorb the entity’s expected losses or the right to receive the entity’s expected residual returns, or both, or (3) where the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. We determine if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions including, but not limited to, the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Measurement of Consolidated Assets and Liabilities If we are required to consolidate an entity for reporting purposes, we will record upon the initial consolidation of an entity the assets, liabilities and noncontrolling interests at fair value and will recognize a gain or loss for the difference between (1) the fair value of the consideration paid, fair value of noncontrolling interests and the reported amount of any previously held interests and (2) the net amount of the fair value of the assets and liabilities consolidated. We record gains or losses that are associated with the consolidation of VIEs as “Net gains related to CFVs” in our Consolidated Statements of Operations. If we cease to be deemed the primary beneficiary of a VIE, we will deconsolidate a VIE for reporting purposes. We use fair value to measure the initial cost basis for any retained interests that are recorded upon the deconsolidation of a VIE. Any difference between the fair value and the previous carrying amount of our investment in the VIE is recorded as “Net losses due to deconsolidation of CFVs” in our Consolidated Statements of Operations.
Consolidated Funds and Ventures	Consolidated Funds and Ventures Substantially all of our consolidated entities are investment entities that own real estate or real estate related investments and, as such, we make judgments related to the forecasted cash flows to be generated from the investments such as rental revenue and operating expenses, vacancy, replacement reserves and tax benefits (if any). In addition, we must make judgments about discount rates and capitalization rates. As of December 31, 2016, CFVs consisted of 11 LIHTC funds for which we sold our GP interests and agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to minimum yield guarantees that are provided in connection with their investments in such funds (these 11 funds, along with two additional guaranteed LIHTC funds that are not consolidated for financial reporting purposes, are hereinafter referred to as “ Guaranteed Funds ”) and four partnerships that own affordable housing properties that were consolidated by the Company . Account balances related to CFVs that were reported on our Consolidated Balance Sheets at either December 31, 2016 or December 31, 2015 include the following:  · Cash, cash equivalents and restricted cash  Cash, cash equivalents and restricted cash of CFVs are reported as restricted cash by the Company.  · Guaranteed Funds  Investment in Lower Tier Property Partnerships  At December 31, 2016, the Company consolidated 11 Guaranteed Funds. The Guaranteed Funds have limited partner equity investments in affordable housing property partnerships, which are the entities that own the affordable housing properties (“ Lower Tier Property Partnership ” or “LTPP” ) . The GPs of these LTPPs are considered the primary beneficiaries. Therefore, the LIHTC Funds do not consolidate these LTTPs for financial reporting purposes. These LTTPs are accounted for under the equity method as further described below in this Note 1, “Summary of Significant Accounting Policies,” under the sub-heading entitled “Investments in Partnerships.”  · Unfunded Equity Commitments  The Guaranteed Funds have entered into partnership agreements as the limited partners of LTPPs that require future contribution of capital. The Company recognizes a liability when it is probable that the equity commitment will be funded in the future. These unfunded equity contributions are classified as “Investments in Lower Tier Property Partnerships related to CFVs” and “Unfunded equity commitments to Lower Tier Property Partnerships related to CFVs,” respectively.  · Property Partnerships  At December 31, 2016, the Company consolidated four property partnerships because it is deemed to be the primary beneficiary of the partnerships. The Company holds equity interests in these property partnerships ranging from 0.01% to 1.00% . The assets held by these property partnerships are affordable multifamily housing properties. These consolidated property partnerships are reported in “Other assets” on the Consolidated Balance Sheets.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents comprised of short-term marketable securities with original maturities of three months or less, all of which are readily convertible to cash.
Restricted Cash	Restricted Cash Restricted cash represents cash and cash equivalents restricted as to withdrawal or usage. The Company may be required to pledge cash collateral in connection with secured borrowings, derivative transactions or other contractual arrangements.
Bonds	Bonds We classify and account for mortgage revenue bonds and other municipal bonds that we own as available-for-sale pursuant to requirements established in Financial Accounting Standards Board (“ FASB ”) Accounting Standards Codification (“ ASC ”) Topic 320, “ Investments – Debt and Equity Securities. ” Accordingly, we measure investments in bonds at fair value (“ FV ”) in our Consolidated Balance Sheets, with unrealized gains and losses included in “AOCI.” We evaluate each bond whose fair value has declined below its amortized cost to determine whether such decline in fair value is other-than-temporary. We assess that an impairment is other-than-temporary (“ OTTI ”) if one of the following conditions exists: (a) we have the intent to sell the bond; (b) it is more likely than not that we will be required to sell prior to recovery of the bond’s amortized cost basis; or (c) we do not expect to recover the amortized cost basis of the bond. If we have the intent to sell an impaired bond or it is more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will recognize an impairment loss in our Consolidated Statement of Operations for the full difference between the bond’s fair value and its amortized cost basis. However, if we do not have the intent to sell an impaired bond and it is not more likely than not that we will be required to sell such bond prior to recovery of its amortized cost basis, we will, where applicable, recognize only the credit component of the OTTI in our Consolidated Statements of Operations while the balance of an unrealized holding loss associated with an impaired bond will be recognized in AOCI. The credit component of an OTTI represents the amount by which the present value of cash flows expected to be collected discounted at the bond’s original effective rate is less than a bond’s amortized cost basis. We do not intend to sell bonds that were in an unrealized loss position at December 31, 2016 and 2015, and it is not more likely than not that we will be required to sell such bonds before recovery of the amortized cost of such instruments. Realized gains and losses on sales of these investments are measured using the specific identification method and are recognized in earnings at the time of disposition. We measure the fair value of most of our performing bonds by calculating the net present value of their expected future cash flows using discount factors that reflect the market yield for such investments. In this regard, discount factors reflect specific bond attributes such as the expected term of a bond, debt service coverage ratio, geographic location and bond size . If observable, binding market quotes are available, we will estimate the fair value of our performing bonds based on such quoted prices. For non-performing bonds ( i.e ., defaulted bonds as well as certain non-defaulted bonds that we deem at risk of default), we estimate fair value by discounting the property’s expected cash flows and residual proceeds using estimated discount and capitalization rates, less estimated selling costs. However, the Company may estimate fair value based on a sale agreement, a letter of intent to purchase, an appraisal or other indications of fair value as available. There are significant judgments and estimates associated with projecting bond or underlying collateral cash flows for non-performing bonds given that we are required to make assumptions about macroeconomic conditions, interest rates, local and regional real estate market conditions and individual property performance. In addition, the determination of the discount rates applied to these cash flow forecasts involves significant judgments as to current credit spreads and investor return expectations. The bonds reflected on the Consolidated Balance Sheets at December 31, 2016 were valued at approximately 101% of the portfolio’s unpaid principal balance (“ UPB ”). The Company recognizes interest income over the contractual terms of the bonds using the interest method. Therefore, the Company will accrue interest based upon a yield that incorporates the effects of purchase premiums and discounts, as well as deferred fees and costs. Contingent interest on participating bonds is recognized when the contingencies are resolved. Bonds are placed on non-accrual status when any portion of principal or interest is 90 days past due or on the date after which collectability of principal or interest is not reasonably assured. The Company applies interest payments received on non-accrual bonds first to accrued interest and then as interest income. Bonds return to accrual status when principal and interest payments become current and future payments are anticipated to be fully collectible. Proceeds from the sale or repayment of bonds greater or less than their amortized cost (which would include any previously recorded impairment charges) are recorded as realized gains or losses and any previously unrealized gains included in accumulated other comprehensive income are reversed.
Investments in Partnerships	Investments in Partnerships The Company’s investments in partnerships that are not required to be consolidated for reporting purposes are accounted for using the equity method as described in FASB ASC Topic 323, Equity Method Investments to the extent that, based on contractual rights associated with our investments, we can exert significant influence over a partnership's operations. Under the equity method, the Company's investment in the partnership is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses from the partnership. The Company's allocable share of earnings or losses from the partnership is adjusted for the following: the elimination of any intra-entity profits or losses; the amortization of any basis differences between the Company's cost and the underlying equity in net assets of the partnership; capital transactions; and other comprehensive income. Dividends received by the Company are recognized as a reduction in the carrying amount of the investment. The Company continues to record its allocable share of losses from the partnership up to the Company's investment carrying amount, including any additional financial support made or committed to be made to the partnership. The order in which additional equity method losses are applied to other investments in the partnership is based upon the seniority and priority in liquidation of the other investments. The Company ceases recording losses on an investment in partnership when the cumulative losses and distributions from the partnership exceed the carrying amount of the investment and any advances made by the Company, provided an imminent return to profitable operations by the partnership is not assured or if the Company has guaranteed obligations of the partnership or has otherwise committed to provide further financial support to the partnership. The Company and its consolidated Guaranteed Funds must periodically assess the appropriateness of the carrying amount of its equity method investments to ensure that the carrying amount of its investment is not other-than-temporarily impaired whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. The Company classifies distributions received from its equity investments as operating activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is greater than or equal to the cumulative cash distributions. The Company classifies distributions as cash flows from investing activities in our Consolidated Statements of Cash Flows when cumulative equity in earnings is less than cumulative cash distributions.
Loans	Loans Loans Held For Sale (“HFS”) When we originate loans that we intend to sell, we classify such loans as HFS. We report HFS loans at the lower of cost or fair value. Any excess of an HFS loan’s cost over its fair value is recognized as a valuation allowance, with changes in the valuation allowance recognized as “Other expenses” in our Consolidated Statements of Operations. We recognize interest income on HFS loans on an accrual basis, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Purchased premiums, discounts and other cost basis adjustments on HFS loans are deferred upon loan acquisition, included in the cost basis of the loan, and not amortized. We determine any lower of cost or fair value adjustment on HFS loans at an individual loan level. In the event that we reclassify HFS loans to loans held for investment, we record the loans at lower of cost or fair value on the date of reclassification. We recognize any lower of cost or fair value adjustment recognized upon reclassification as a basis adjustment to the held for investment loan. Loans Held for Investment (“HFI”) When we recognize loans that we have the ability and the intent to hold for the foreseeable future or until maturity, we classify the loans as HFI. We report HFI loans at the unpaid principal balance, net of unamortized premiums and discounts, other cost basis adjustments, and allowance for loan losses. We recognize interest income on HFI loans on an accrual basis using the interest method over the contractual life of the loan, including the amortization of any deferred cost basis adjustments, such as the premium or discount at acquisition, unless we determine that the ultimate collection of contractual principal or interest payments in full is not reasonably assured. Nonaccrual Loans Loans that are past due 90 days or more as to principal or interest, or where reasonable doubt exists as to timely collection, including loans that are individually identified as being impaired, are generally placed on nonaccrual status unless the loan is well-secured and in the process of collection. Accrued interest receivable is reversed when loans are placed on nonaccrual status, provided collection is not anticipated within 12 months of being placed on nonaccrual status. Interest collections on nonaccruing loans for which the ultimate collectability of principal is uncertain are applied as principal reductions; otherwise, such collections are credited to income when received. Loans may be restored to accrual status when all principal and interest is current and full repayment of the remaining contractual principal and interest is expected, or when the loan otherwise becomes well-secured and is in the process of collection.
Real Estate Owned	Real Estate Owned (“REO”) The Company’s REO is generally obtained when a delinquent borrower chooses to transfer a mortgaged property to us in lieu of going through a foreclosure process. The Company classifies REO in the Consolidated Balance Sheets in “Other assets.” REO is subsequently measured for financial reporting purposes based upon whether the Company has designated REO as HFS or held for use (“ HFU ”). REO is classified as HFS when we intend to sell the property and we are actively marketing property that is available for immediate sale in its current condition and a sale is reasonably expected to take place within one year. REO that we do not classify as HFS is designated as HFU. REO that is designated as HFS is reported in the Consolidated Balance Sheets at the lower of its carrying amount or fair value less estimated selling costs. We recognize a recovery for any subsequent increase in fair value, less estimated costs to sell, up to the cumulative loss previously recognized through the valuation allowance. We do not depreciate REO that is classified as HFS. REO that is designated as HFU is depreciated for financial reporting purposes and evaluated for impairment when circumstances indicate that the carrying amount of the property is no longer recoverable. An impairment loss is recognized if the carrying amount of the REO is not recoverable and exceeds its fair value. We recognize impairment-related losses in our Consolidated Statements of Operations as a component of “Other expenses.” We recognize gains or losses on sales of REO in our Consolidated Statements of Operations as a component of “Net gains on real estate.”
Derivative Instruments	Derivative Instruments The Company accounts for all derivative instruments at their fair value unless a given derivative instrument is determined to be exempt from the recognition and measurement requirements of FASB ASC Topic 815, “ Derivatives and Hedging. ” The Company has not designated any of its derivative investments as hedging instruments for accounting purposes. As a result, changes in the fair value of such instruments are reported in our Consolidated Statements of Operations as a component of “Net gains on derivatives and loans.” Derivative assets are classified in our Consolidated Balance Sheets as a component of “Other assets” while derivative liabilities are classified as a component of “Other liabilities.”
Guarantees	Guarantees The Company has guaranteed minimum yields on investment to investors in Guaranteed Funds and has agreed to indemnify the purchaser of our GP interests in such funds from investor claims related to those guarantees. Additionally, the Company has agreed to indemnify specific investors in certain non-Guaranteed Funds related to the performance of certain LTTPs. Further, t he Company has provided a limited guarantee of expected tax credits to be generated by a portfolio of low income housing tax credit partnership interests that was acquired by our LIHTC Partnership, known as MMA Capital TC Fund I, LLC (“ TC Fund I ”), which we established in the fourth quarter of 2015. In limited circumstances, the Company has also guaranteed the performance of its consolidated subsidiaries in connection with various performance obligations. At inception of a guarantee to an unconsolidated entity that requires financial statement recognition, we recognize the fair value of our obligation to stand ready to perform over the term of the guarantee in the event that specified triggering events or conditions occur. This liability is classified in Consolidated Balance Sheets as a component of “Other liabilities.” As a practical expedient, we measure the fair value of a guarantee liability based upon either cash compensation that is received at inception or the net present value of expected payments to be received from a guaranteed party over the life of such agreement. The Company will reduce this liability through the use of a systematic and rational method of amortization in which the recognized balance at inception will be evenly amortized over the life of a guarantee. However, guarantee payments made by the Company will be recorded as a reduction of the unamortized balance of a guarantee liability and, in this case, periodic amortization will be prospectively adjusted to reflect a revised amount of amortization that is based upon the-then remaining balance of a guarantee liability and the period to expiry of a guarantee. We also record at the inception of a guarantee to an unconsolidated entity a guarantee asset that is measured based upon the amount of cash compensation that we received at the inception of a guarantee or based upon the net present value of contractual guarantee fees that we expect to collect over the life of a guarantee. Recognized guarantee assets are classified in our Consolidated Balance Sheets as a component of “Other assets.” Subsequent to initial recognition, we account for a guarantee asset at amortized cost. As we collect monthly guarantee fees, we will reduce recognized guarantee assets to reflect cash payments received. We will also assess guarantee assets for other-than-temporary impairment based on changes in our estimate of the cash flows to be received. With respect to our contingent obligation to perform under a guarantee, we will recognize a liability for probable and estimable losses to the extent that a measured loss exceeds the unamortized balance of our noncontingent obligation to stand ready to perform under our guarantee. We classify such liabilities in our Consolidated Balance Sheets as a component of “Other liabilities.” Guarantees provided by the Company in connection with the performance of a consolidated subsidiary are exempt from financial statement recognition, though disclosure of such activities is provided in Note 8, “Guarantees and Collateral.”
Stock-Based Compensation	Stock-Based Compensation The Company accounts for its employee stock-based compensation plans as liability classified awards. Compensation expense is based on the fair value of awarded instruments as of the reporting date, adjusted to reflect the vesting schedule. Subsequent compensation expense is determined by changes in the fair value of awarded instruments at subsequent reporting dates, continuing through the settlement date. The Company accounts for its director stock-based compensation plans as equity classified awards. Compensation expense is based on the fair value of awarded instruments at the grant date.
Foreign Currency Translation	Foreign Currency Translation Assets, liabilities and operations of foreign subsidiaries are recorded based on the functional currency of each entity. For certain of the foreign operations, the functional currency is the local currency, in which case the assets, liabilities and operations are translated, for consolidation purposes, from the local currency to the U.S. dollar reporting currency at period-end rates for assets and liabilities and generally at average rates for results of operations. The resulting unrealized gains or losses are reported as a component of AOCI. When the foreign entity’s functional currency is determined to be the U.S. dollar, the resulting remeasurement gains or losses on foreign currency-denominated assets or liabilities are included in earnings.
Income (Loss) per Common Share	Income (Loss) per Common Share Basic income (loss) per share is computed by dividing net income (loss) to common shareholders by the weighted-average number of common shares issued and outstanding during the period (this includes director and employee deferred and vested shares). The numerator used to calculate diluted income (loss) per share includes net income (loss) to common shareholders adjusted to remove the difference in income or loss associated with reporting the dilutive employee share awards classified as liabilities as opposed to equity awards. The denominator used to calculate diluted income (loss) per share includes the weighted-average number of common shares issued and outstanding during the period adjusted to add in common stock equivalents associated with unvested share awards as well as in the money option awards unless they are contingent upon a certain share price that has not yet been achieved.
Income Taxes	Income Taxes We are a limited liability company that elected to be taxed as a corporation for income tax purposes. All of our business activities, with the exception of our foreign investments and managing member interests in two remaining Guaranteed Funds, are conducted by entities included in our consolidated corporate federal income tax return. ASC No. 740, “Income Taxes,” establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current period and deferred tax assets and liabilities for future tax consequences of events that have been recognized in an entity's financial statements or tax returns. Significant judgment is required in determining and evaluating income tax positions, including assessing the relative merits and risks of various tax treatments considering statutory, judicial and regulatory guidance available regarding the tax position. We establish additional provisions for income taxes when there are certain tax positions that could be challenged and it is more likely than not these positions will not be sustained upon review by taxing authorities. Judgment is also required in assessing the future tax consequences of events that have been recognized in our consolidated financial statements or tax returns as well as the recoverability of our deferred tax assets. In assessing our ability to realize the benefit of our deferred tax assets and thereby measuring the required valuation allowance, we consider information such as forecasted earnings, future taxable income and tax planning strategies, all of which entail significant judgment. As of December 31, 2016, we had an estimated $400.9 million of federal net operating losses representing a significant potential asset of the Company, subject to a full valuation allowance as of that measurement date. There are a number of risks associated with the potential ability of the Company to use the net operating losses, including: 1) change of control for the Company; 2) lack of taxable income generated before expiration of the carryforward period beginning in 2027; 3) potential challenges from tax authorities; and 4) changes in tax laws. On May 5, 2015, the Board adopted a Tax Benefits Rights Agreement (the “ Rights Plan ”) to potentially mitigate the risk of a change of control event. Although the Rights Plan is a deterrent against a change of control, it would not absolutely prevent a change of control and it could be subject to challenge if a change of control trigger event occurs. The Rights Plan will run for a period of five years, or until the Board determines the plan is no longer required, whichever comes first.
Prior Period Correction of an Immaterial Error	Prior Period Correction of an Immaterial Error In the first quarter of 2016, the Company determined that, in connection with two bond investments that were acquired in 2006 and 2007, it had understated the recognition of interest income and had overstated the recognition of unrealized holding gains on such investments in other comprehensive income by an equal and offsetting amount. This financial statement error, which had no impact on total common shareholders’ equity or diluted common shareholders’ equity per share, was attributable to the method used by the Company to reduce the reported balance of investment-related cost basis adjustments into interest income. The method that was used in this case was determined not to be compliant with GAAP. We assessed the materiality of the identified error on our financial statements for prior periods in accordance with SEC Staff Accounting Bulletin (“ SAB ”) No. 99, “ Materiality, ” which is codified in Accounting Standards Codification (“ ASC ”) 250, “ Presentation of Financial Statements ,” and concluded it was not material to any prior annual or interim periods. However, the aggregate amount of the prior period corrections of $7.2 million if corrected in the current period would be material to our projected annual results of consolidated operations. Consequently, in accordance with ASC 250 (specifically SAB No. 108, “ Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ”), we have corrected these errors for all prior years and interim periods presented by revising the consolidated financial statements and other financial information included herein. Periods not presented herein will be revised, as applicable, in future filings. The effects of the revisions on our Consolidated Balance Sheet were as follows:      As Previously  Reported As Revised  December 31, December 31,  (in thousands) 2015 Adjustment 2015  Common shareholders’ equity:  Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively $ 47,755 $ 7,206 $ 54,961  Accumulated other comprehensive income 68,415 (7,206) 61,209  Total common shareholders’ equity $ 116,170 $ ─ $ 116,170  The effects of the revisions on our Consolidated Statements of Equity were as follows:       Common  Equity  Before  (in thousands) AOCI AOCI  As previously reported year ended December 31, 2014 $ 35,032 $ 56,452  Adjustment 6,323 (6,323)  As revised year ended December 31, 2014 $ 41,355 $ 50,129   As previously reported year ended December 31, 2015 $ 47,755 $ 68,415  Cumulative adjustment at December 31, 2014 6,323 (6,323)  Adjustment 883 (883)  As revised year ended December 31, 2015 $ 54,961 $ 61,209  The effects of the revisions on our Consolidated Statements of Operations were as follows:      Net income Basic Diluted  from income income  Income tax discontinued per per  Interest on benefit operations common common  (in thousands, except per share data) Bonds (expense) net of tax share share  As previously reported year ended December 31, 2014 $ 16,493 $ 45 $ 17,901 $ 2.28 $ 2.28  Adjustment 1,481 (287) 137 0.18 0.18  As revised year ended December 31, 2014 $ 17,974 $ (242) $ 18,038 $ 2.46 $ 2.46   As previously reported year ended December 31, 2015 $ 12,728 $ (263) $ 327 $ 2.59 $ 2.59  Adjustment 883 ─ ─ 0.13 0.13  As revised year ended December 31, 2015 $ 13,611 $ (263) $ 327 $ 2.72 $ 2.72 

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The effects of the revisions on our Consolidated Balance Sheet were as follows:      As Previously  Reported As Revised  December 31, December 31,  (in thousands) 2015 Adjustment 2015  Common shareholders’ equity:  Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively $ 47,755 $ 7,206 $ 54,961  Accumulated other comprehensive income 68,415 (7,206) 61,209  Total common shareholders’ equity $ 116,170 $ ─ $ 116,170  The effects of the revisions on our Consolidated Statements of Equity were as follows:       Common  Equity  Before  (in thousands) AOCI AOCI  As previously reported year ended December 31, 2014 $ 35,032 $ 56,452  Adjustment 6,323 (6,323)  As revised year ended December 31, 2014 $ 41,355 $ 50,129   As previously reported year ended December 31, 2015 $ 47,755 $ 68,415  Cumulative adjustment at December 31, 2014 6,323 (6,323)  Adjustment 883 (883)  As revised year ended December 31, 2015 $ 54,961 $ 61,209  The effects of the revisions on our Consolidated Statements of Operations were as follows:      Net income Basic Diluted  from income income  Income tax discontinued per per  Interest on benefit operations common common  (in thousands, except per share data) Bonds (expense) net of tax share share  As previously reported year ended December 31, 2014 $ 16,493 $ 45 $ 17,901 $ 2.28 $ 2.28  Adjustment 1,481 (287) 137 0.18 0.18  As revised year ended December 31, 2014 $ 17,974 $ (242) $ 18,038 $ 2.46 $ 2.46   As previously reported year ended December 31, 2015 $ 12,728 $ (263) $ 327 $ 2.59 $ 2.59  Adjustment 883 ─ ─ 0.13 0.13  As revised year ended December 31, 2015 $ 13,611 $ (263) $ 327 $ 2.72 $ 2.72 

BONDS AVAILABLE-FOR-SALE (Table

BONDS AVAILABLE-FOR-SALE (Tables)	12 Months Ended
	Dec. 31, 2016
Bonds Available-For-Sale [Abstract]
Schedule of Available-for-sale Securities Reconciliation	The following tables provide information about the UPB, amortized cost, gross unrealized gains and fair value (“ FV ”) associated with the Company’s investments in bonds that are classified as available-for-sale:     At  December 31, 2016  Gross  Amortized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains FV of UPB  Multifamily tax-exempt bonds $ 106,366 $ 73,049 $ 36,978 $ 110,027 103%  Other real estate related bond investments 47,788 41,934 4,020 45,954 96%  Total $ 154,154 $ 114,983 $ 40,998 $ 155,981 101%       At  December 31, 2015  Gross  Amortized Unrealized FV as a %  (in thousands) UPB Cost (1) Gains FV of UPB  Multifamily tax-exempt bonds $ 160,974 $ 98,694 $ 57,915 $ 156,609 97%  Other real estate related bond investments 62,385 55,423 6,407 61,830 99%  Total $ 223,359 $ 154,117 $ 64,322 $ 218,439 98%  (1) Consists of the UPB, unamortized premiums, discounts and other cost basis adjustments, as well as other-than-temporary impairments (“ OTTI ”) recognized in earnings.
Bonds with Prepayment Features	      (in thousands) UPB Amortized Cost Fair Value  December 31, 2016 $ 37,788 $ 31,933 $ 35,414  2017 ─ ─ ─  2018 1,943 448 2,239  2019 ─ ─ ─  2020 5,245 4,467 5,396  Thereafter 109,082 78,039 112,835  Bonds that may not be prepaid 96 96 97  Total $ 154,154 $ 114,983 $ 155,981  The weighted-average expected maturity of the Company’s investments in bonds that are not currently prepayable at par at December 31, 2016 was 5.1 years.
Past Due Analysis of Available-for-sale Securities Bonds, Current	The following table provides information about the fair value of the Company’s investments in bonds that are classified as available-for-sale and that were current with respect to principal and interest payments, as well as information about the fair value of bonds that were past due with respect to principal or interest payments:     At At  December 31, December 31,  (in thousands) 2016 2015  Total current $ 148,967 $ 175,106  30-59 days past due ─ ─  60-89 days past due ─ ─  90 days or greater 7,014 43,333  Total $ 155,981 $ 218,439 
Gain (Loss) on Investments	   For the year ended  December 31,  (in thousands) 2016 2015 2014  Net impairment recognized on bonds held at each period-end $ ─ $ ─ $ (113)  Net impairment recognized on bonds sold or redeemed during each period ─ (179) ─  Gains recognized at time of sale or redemption (1) 12,217 6,513 12,293  Total net gains on bonds $ 12,217 $ 6,334 $ 12,180 

INVESTMENTS IN PARTNERSHIPS (Ta

INVESTMENTS IN PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of the Company’s investments in partnerships and ventures.     At At  December 31, December 31,  (in thousands) 2016 2015  Investments in U.S. real estate partnerships (includes $11,138 and $13,374 related to VIEs) (1) $ 27,596 $ 29,633  Investments in IHS-managed funds (includes $1,955 and $1,388 related to VIEs) (1) 3,296 2,501  Investment in Solar Ventures 75,526 50,521  Investments in Lower Tier Property Partnerships (" LTPPs ") related to CFVs (2) 137,773 177,786  Total investments in partnerships $ 244,191 $ 260,441  (1) We do not consolidate any of the investees that were assessed to meet the definition of a VIE.  See Note 14, “Consolidated Funds and Ventures,” for more information.
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the total assets and liabilities of the U.S. real estate partnerships in which the Company held an equity investment:     At At  December 31, December 31,  2016 2015  (in thousands)  Total assets $ 97,659 $ 114,697  Total liabilities 47,147 61,007  The following table provides information about the net income (loss) of U.S. real estate partnerships in which the Company had an equity investment:     For the year ended  December 31,  (in thousands) 2016 2015 2014  Net income (loss) $ 2,952 $ (1,345) $ 16,833 
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying value of total assets and liabilities of the IHS-managed funds in which the Company held an equity investment:      At At  December 31, December 31,  2016 2015  (in thousands)  Total assets $ 261,082 $ 235,858  Total liabilities 110,214 103,149  The following table provides information about the net (loss) income of the IHS-managed funds in which the Company had an equity investment.       For the year ended  December 31,  (in thousands) 2016 2015 2014  Net (loss) income $ (19,718) $ (5,646) $ 6,589 
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Schedule of Investments in Partnerships	The following table provides information about the carrying amount of total assets and liabilities of the Solar Ventures in which the Company held an equity investment:     At At  December 31, December 31,  2016 2015  (in thousands)  Total assets $ 158,365 $ 104,137  Total liabilities 4,905 3,585  The following table provides information about the net income of the Solar Ventures in which the Company had an equity investment:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Net income $ 1,206 $ 1,313 $ ─ 

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	   At At  December 31, December 31,  (in thousands) 2016 2015  Other assets:  Loans held for investment $ 4,809 $ 7,928  Loans held for sale ─ 6,417  Real estate owned 3,267 8,669  Derivative assets 7,884 3,673  Solar facilities (includes other assets such as cash and other receivables) 1,733 2,073  Accrued interest receivable 1,822 2,115  Asset management fees and reimbursements receivable 1,406 1,121  Other assets 5,526 7,485  Other assets held by CFVs (1) 44,551 18,834  Total other assets $ 70,998 $ 58,315  (1) See Note 14, “Consolidated Funds and Ventures,” for more information.
Schedule of Accounts, Notes, Loans and Financing Receivable	   At At  December 31, December 31,  (in thousands) 2016 2015  Amortized cost $ 9,202 $ 8,678  Net losses included in earnings (3,565) ─  Allowance for loan losses (828) (750)  Loans held for investment, net $ 4,809 $ 7,928 
Schedule Of Real Estate Owned, Held For Use	   At At  December 31, December 31,  (in thousands) 2016 2015  Cash $ ─ $ 149  Building, furniture, fixtures and land improvement 648 4,014  Land 2,619 4,496  Other assets ─ 10  Total $ 3,267 $ 8,669 

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	   At At  December 31, 2016 December 31, 2015  Weighted-Average Weighted-Average  Carrying Effective Interest Carrying Effective Interest  (dollars in thousands) Value Rate Value Rate  Asset Related Debt (1)  Notes payable and other debt – bond related (2)  Due within one year $ 2,892 2.2 % $ 1,137 1.5 %  Due after one year 79,137 2.1 88,131 1.4  Notes payable and other debt – non-bond related  Due within one year ─ ─ 7,564 13.0  Due after one year ─ ─ 3,126 10.4   Total asset related debt $ 82,029 2.1 $ 99,958 2.6   Other Debt (1)  Subordinated debt (3)  Due within one year $ 3,297 3.9 $ 3,069 3.0  Due after one year 125,899 3.4 129,185 3.0  Notes payable and other debt  Due within one year 1,948 3.9 ─ ─  Due after one year 16,869 2.3 ─ ─   Total other debt $ 148,013 3.3 $ 132,254 3.0   Total asset related debt and other debt $ 230,042 2.8 $ 232,212 2.8   Debt related to CFVs  Due within one year $ 6,885 5.7 $ 6,802 5.5  Due after one year 6,144 4.0 3,081 4.3  Total debt related to CFVs $ 13,029 4.9 $ 9,883 5.1   Total debt $ 243,071 3.0 $ 242,095 2.9  (1) Asset related debt is debt that finances interest-bearing assets and the interest expense from this debt is included in “Net interest income” on the Consolidated Statements of Operations. Other debt is debt that does not finance interest-bearing assets and the interest expense from this debt is included in “Interest expense” under “Operating and other expenses” on the Consolidated Statements of Operations. (2) Included in notes payable and other debt – bond related were unamortized debt issuance costs of $0.1 million at December 31, 2016 and 2015. (3) The subordinated debt balances include net cost basis adjustments of $8.7 m illion and $9.2 million at December 31, 2016 and 2015, respectively, that pertain to premiums and debt issuance costs.
Schedule of Maturities of Long-term Debt	   Asset Related Debt CFVs  (in thousands) and Other Debt Related Debt Total Debt  2017 $ 7,704 $ 6,807 $ 14,511  2018 60,665 102 60,767  2019 14,075 109 14,184  2020 30,037 116 30,153  2021 3,031 124 3,155  Thereafter 105,935 4,867 110,802  Net premium and debt issue costs 8,595 904 9,499  Total $ 230,042 $ 13,029 $ 243,071 
Schedule of Subordinate Debt	   (dollars in thousands) Net Premium Interim  and Debt Principal  Issuer Principal Issuance Costs Carrying Value Payments Maturity Date Coupon  MFI $ 27,008 $ (150) $ 26,858 Amortizing December 2027 and December 2033 8.00%  MFH 27,611 2,692 30,303 Amortizing March 30, 2035 3-month LIBOR plus 2.0%  MFH 25,107 2,459 27,566 Amortizing April 30, 2035 3-month LIBOR plus 2.0%  MFH 14,472 1,307 15,779 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  MFH 26,314 2,376 28,690 Amortizing July 30, 2035 3-month LIBOR plus 2.0%  Total $ 120,512 $ 8,684 $ 129,196 

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments [Abstract]
Schedule of the Company’s Derivative Assets and Liabilities	   Fair Value  At At  December 31, 2016 December 31, 2015  (in thousands) Assets Liabilities Assets Liabilities  Total return swaps $ 2,327 $ 372 $ 3,658 $ 1,023  Basis swaps 176 7 ─ ─  Interest rate caps 1,553 ─ 15 ─  Interest rate swaps 3,828 ─ ─ 690  Total derivative instruments $ 7,884 $ 379 $ 3,673 $ 1,713 
Schedule of Derivative Notional Amounts	   Notional Amounts  At At  December 31, December 31,  (in thousands) 2016 2015  Total return swaps $ 91,050 $ 111,845  Basis swaps 100,500 ─  Interest rate caps 80,000 45,000  Interest rate swaps 140,000 7,675  Total dollar-based derivative instruments $ 411,550 $ 164,520 
Schedule of Derivatives Not Designated as Hedging Instruments	    Gains (Losses)  For the year ended  December 31,  (in thousands) 2016 2015 2014  Total return swaps (1) $ 3,463 $ 4,446 $ 5,147  Basis swaps (2) 161 ─ ─  Interest rate caps 642 (172) (605)  Interest rate swaps (3) 3,317 (278) (399)  Warrant (4) (2,600) ─ ─  Total $ 4,983 $ 3,996 $ 4,143  (1) The cash paid and received on TRS agreements that were reported as derivative instruments is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash received was $4.1 million, $4.0 million and $2.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. (2) The cash paid and received on the basis swaps is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.01 million for the year ended December 31, 2016. The Company also paid $0.01 million to terminate two and amend one of the basis swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.1 million through “Other assets” on the Consolidated Balance Sheets. (3) The cash paid and received on the interest rate swap is settled on a net basis and recorded through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Net cash paid was $0.3 million for the years ended December 31, 2016, 2015 and 2014. The Company also paid $0.8 million to terminate one of the interest rate swaps and recorded $0.1 million through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations and $0.7 million through “Other liabilities” on the Consolidated Balance Sheets. (4) As of December 31, 2016, the Company owned a contingently exercisable warrant to purchase 45,871,560 convertible preferred shares of a residential solar power provider for $0.001 per share. The fair value of this warrant was $0 as of December 31, 2016.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	   Fair Value Measurements  At  December 31,  (in thousands) 2016 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 155,981 $ ─ $ ─ $ 155,981  Loans held for investment 3,835 ─ ─ 3,835  Derivative instruments 7,884 ─ 5,557 2,327   Liabilities:  Derivative instruments $ 379 $ ─ $ 7 $ 372      Fair Value Measurements  At  December 31,  (in thousands) 2015 Level 1 Level 2 Level 3  Assets:  Investments in bonds $ 218,439 $ ─ $ ─ $ 218,439  Loans held for sale 6,417 ─ ─ 6,417  Derivative instruments 3,673 ─ 15 3,658   Liabilities:  Derivative instruments $ 1,713 $ ─ $ ─ $ 1,713 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2016:     (in thousands) Bonds Available-for-sale Loans Held for Investment Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, January 1, 2016 $ 218,439 $ ─ $ 6,417 $ 3,658 $ (1,713)  Net (losses) gains included in earnings (4,776) (3,391) ─ (3,931) 577  Net change in other comprehensive income (1) 2,536 ─ ─ ─ ─  Impact from purchases 7,217 ─ ─ ─ ─  Impact from loan originations ─ 39,233 4,531 2,600 ─  Impact from sales/redemptions (10,986) (34,285) (8,670) ─ ─  Impact from bonds extinguished due to consolidation or real estate foreclosure (42,079) ─ ─ ─ ─  Impact from settlements (14,370) ─ ─ ─ 764  Transfer from loans HFS to loans HFI ─ 2,278 (2,278) ─ ─  Balance, December 31, 2016 $ 155,981 $ 3,835 $ ─ $ 2,327 $ (372)  (1) This amount includes $14. 5 million of unrealized net holding gains arising during the period, partially offset by the reversal of $12.0 million of unrealized gains related to bonds that were sold or redeemed. The following table provides information about the amount included in earnings related to the activity presented in the table above, as well as additional gains that were recognized by the Company for the year ended December 31, 2016:     (in thousands) Net gains on bonds (1) Net losses on loans (2) Equity in Losses from LTPPs Net gains on derivatives (2)  Change in unrealized losses related to assets and liabilities still held at December 31, 2016 $ ─ $ ─ $ (4,240) (3,354)  Change in unrealized losses related to assets and liabilities held at January 1, 2016, but settled during 2016 ─ ─ (536) ─  Additional realized gains (losses) recognized 12,217 (3,391) ─ 3,805  Total gains (losses) reported in earnings $ 12,217 $ (3,391) $ (4,776) $ 451  (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2015:     (in thousands) Bonds Available-for-sale Loans Held for Sale Derivative Assets Derivative Liabilities  Balance, January 1, 2015 $ 222,899 $ ─ $ 2,539 $ (753)  Net (losses) gains included in earnings (5,517) ─ 1,418 (960)  Net change in other comprehensive income (1) 13,561 ─ ─ ─  Impact from loan originations ─ 13,373 ─ ─  Impact from purchases 15,123 ─ ─ ─  Impact from sales/redemptions (21,571) (6,956) ─ ─  Impact from settlements (6,056) ─ (299) ─  Balance, December 31, 2015 $ 218,439 $ 6,417 $ 3,658 $ (1,713)  (1) This amount represents $ 18.4 million of unrealized net holding gains arising during the period plus $0.2 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $ 5.0 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2015:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2)  Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2015 $ ─ $ (6,093) $ 458  Change in unrealized (losses) gains related to assets and liabilities held at January 1, 2015, but settled during 2015 (179) 755 ─  Additional realized gains recognized 6,513 ─ 3,710  Total gains (losses) reported in earnings $ 6,334 $ (5,338) $ 4,168  (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. (2) Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated Statements of Operations. Changes in fair value of assets and liabilities that are measured at fair value on a recurring basis and that are categorized as Level 3 within the fair value hierarchy are attributed in the following table to identified activities that occurred during the year ended December 31, 2014:      (in thousands) Bonds Available-for-sale Derivative Assets Derivative Liabilities  Balance, January 1, 2014 $ 195,332 $ ─ $ (626)  Net (losses) gains included in earnings (6,021) 2,539 (127)  Net change in other comprehensive income (1) 6,913 ─ ─  Impact from purchases 18,380 ─ ─  Impact from sales/redemptions (19,270) ─ ─  Impact from deconsolidation 47,022 ─ ─  Bonds eliminated due to real estate consolidation and foreclosure (11,058) ─ ─  Impact from settlements (8,399) ─ ─  Balance, December 31, 2014 $ 222,899 $ 2,539 $ (753)  (1) This amount represents $18.1 million of unrealized net holding gains arising during the period plus $0.1 million of unrealized bond losses reclassified into operations, partially offset by the reversal of $11.3 million of unrealized bond gains related to bonds that were sold or redeemed. The following table provides the amount included in earnings related to the activity presented in the table above, as well as additional gains (losses) that were recognized by the Company for the year ended December 31, 2014:     (in thousands) Net gains on bonds (1) Equity in Losses from LTPPs Net gains on derivatives (2)  Change in unrealized (losses) gains related to assets and liabilities still held at December 31, 2014 $ (113) $ (5,908) $ 2,412  Additional realized gains recognized 12,293 ─ 2,336  Total gains (losses) reported in earnings $ 12,180 $ (5,908) $ 4,748  (1) Amounts are reflected through “Net gains on bonds” on the Consolidated Statements of Operations. Amounts are reflected through “Net gains on derivatives, loans, other assets and extinguishment of liabilities” on the Consolidated
Fair Value Measurements By Level 3 Valuation Technique	   Fair Value Measurement as of December 31, 2016  Significant Significant  Valuation Unobservable Weighted  (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 93,082 Discounted cash flow Market yield 4.3 - 5.7 % 5.0 %  Non-performing 7,015 Discounted cash flow Market yield 8.1 8.1  Capitalization rate 6.9 6.9  Net operating income (" NOI ") annual growth rate (0.9) (0.9)  Subordinated cash flow 9,930 Discounted cash flow Market yield 7.3 - 7.4 7.4  Capitalization rate 6.0 - 6.4 6.2  NOI annual growth rate 0.4 - 0.8 0.5  Infrastructure bonds 25,145 Discounted cash flow Market yield 7.3 - 9.0 8.0  Other bonds 20,809 Discounted cash flow Market yield 3.7 - 5.5 4.6  Loans held for investment 3,835 Discounted cash flow Market yield 19.2 19.2  Derivative instruments:  Total return swaps 2,327 Discounted cash flow Market yield 3.9 -5.5 5.0  (372) Discounted cash flow Market yield 7.2 7.2  Capitalization rate 8.5 8.5  NOI annual growth rate 2.5 2.5  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.     Fair Value Measurement as of December 31, 2015  Significant Significant  Valuation Unobservable Weighted  (in thousands) Fair Value Techniques Inputs (1) Range (1) Average (2)  Recurring Fair Value Measurements:  Available-for-sale securities:  Multifamily tax-exempt bonds  Performing $ 84,203 Discounted cash flow Market yield 4.6 - 7.1 % 5.6 %  20,226 Discounted cash flow Market yield 8.2 - 8.7 8.4  Capitalization rate 7.0 - 7.5 7.2  NOI annual growth rate 0.4 - 1.4 1.0  Non-performing 20,435 Discounted cash flow Market yield 7.5 - 7.9 7.7  Capitalization rate 6.2 - 6.5 6.3  NOI annual growth rate 0.5 - 1.2 0.9  22,898 Early redemption measurement  Subordinated cash flow 8,847 Discounted cash flow Market yield 7.8 - 7.9 7.9  Capitalization rate 6.4 - 6.6 6.5  NOI annual growth rate 0.0 - 0.6 0.4  Infrastructure bonds 9,381 Discounted cash flow Market yield 8.5 8.5  17,475 Dealer pricing  Other bonds 34,974 Dealer pricing  Loans held for sale 6,417 Discounted cash flow Market yield 10.0 - 15.0 13.5  Derivative instruments:  Total return swaps (983) Discounted cash flow Market yield 8.7 8.7  Capitalization rate 7.5 7.5  NOI annual growth rate 2.9 2.9  3,618 Dealer pricing  Interest rate derivatives (690) Discounted cash flow Market yield 26.2 26.2  (1) Unobservable inputs reflect information that is not based upon independent sources that are readily available. These inputs are based upon assumptions and internally generated data made by the Company, which may include significant judgment that has been developed based upon available information from third party sources or dealers about what a market participant would use in valuing the asset . (2) Weighted-averages are calculated using outstanding UPB for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
Fair Value, by Balance Sheet Grouping	    At  December 31, 2016  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 45,525 $ 45,525 $ ─ $ ─  Restricted cash 33,920 33,920 ─ ─  Restricted cash related to CFVs 23,584 23,584 ─ ─  Asset management fee receivable from TC Fund I ─ ─ ─ 2,947  Guarantee fee receivable from TC Fund I 1,348 ─ ─ 1,348  Loans held for investment 974 ─ ─ 1,106  Loans held for investment related to CFVs 65 ─ ─ 488   Liabilities:  Notes payable and other debt, bond related 82,029 ─ ─ 82,118  Notes payable and other debt, non-bond related 18,817 ─ ─ 18,817  Notes payable and other debt related to CFVs 13,029 ─ ─ 5,956  Subordinated debt issued by MFH 102,338 ─ ─ 41,327  Subordinated debt issued by MFI 26,858 ─ ─ 20,139  Guarantee obligations (1) 4,003 ─ ─ 12,616  (1) Certain of the Company’s guarantee obligations, which had a carrying value of $8.6 million as of December 31, 2016, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.      At  December 31, 2015  Carrying Fair Value  (in thousands) Amount Level 1 Level 2 Level 3  Assets:  Cash and cash equivalents $ 21,843 $ 21,843 $ ─ $ ─  Restricted cash 17,041 17,041 ─ ─  Restricted cash related to CFVs 22,992 22,992 ─ ─  Guarantee fee receivable from TC Fund I 4,227 ─ ─ 4,227  Loans held for investment 7,928 ─ ─ 7,687  Loans held for investment related to CFVs 65 ─ ─ 213   Liabilities:  Notes payable and other debt, bond related 89,268 ─ ─ 89,405  Notes payable and other debt, non-bond related 10,690 ─ ─ 10,717  Notes payable and other debt related to CFVs 9,883 ─ ─ 3,171  Subordinated debt issued by MFH 104,736 ─ ─ 29,518  Subordinated debt issued by MFI 27,518 ─ ─ 15,579  Guarantee obligations (1) 4,758 ─ ─ 15,557  (1) Certain of the Company’s guarantee obligations, which had a carrying value of $10.8 million as of December 31, 2015, are eliminated for financial reporting purposes. Refer below to “Valuation Techniques” for more information about differences between the carrying value and disclosed fair value of the Company’s guarantee obligations.

GUARANTEES AND COLLATERAL (Tabl

GUARANTEES AND COLLATERAL (Tables)	12 Months Ended
	Dec. 31, 2016
Guarantees And Collateral [Abstract]
Schedule of Guarantor Obligations	The following table provides information about the maximum exposure associated with the Company’s guarantee and indemnification agreements that we executed in connection with the Guaranteed Funds, TC Fund I and certain LTPPs:     At At  December 31, 2016 December 31, 2015  Maximum Carrying Maximum Carrying  (in thousands) Exposure (1) Amount Exposure (1) Amount  Guaranteed Funds (2) $ 392,518 $ 186 $ 490,843 $ 451  TC Fund I 109,587 3,805 109,599 4,227  LTPPs 536 12 1,223 80  (1) The Company’s maximum exposure represents the maximum loss the Company could incur under such agreements but is not indicative of the likelihood of expected loss under such agreements. The maximum exposure includes $388.4 million and $482.7 million related to the 11 Guaranteed Funds we consolidated at December 31,
Schedule of Financial Instruments Owned and Pledged as Collateral	The following table summarizes assets that are either pledged or restricted for the Company’s use at December 31, 2016 and 2015. This table also reflects certain assets held by CFVs in order to reconcile to the Company’s Consolidated Balance Sheets:     At  December 31, 2016  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 13,928 $ 129,746 $ ─ $ ─ $ 143,674  Other (1) 19,992 5,868 ─ ─ 25,860  CFVs (2) 23,584 ─ 137,773 44,551 205,908  Total $ 57,504 $ 135,614 $ 137,773 $ 44,551 $ 375,442  (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. (2) These are assets held by CFVs.     At  December 31, 2015  Bonds Total  Restricted Available- Investment in Other Assets  (in thousands) Cash for-sale Partnerships Assets Pledged  Debt and derivatives related to TRSs $ 4,697 $ 160,876 $ ─ $ ─ $ 165,573  Other (1) 12,344 14,085 ─ 6,417 32,846  CFVs (2) 22,992 ─ 177,786 18,834 219,612  Total $ 40,033 $ 174,961 $ 177,786 $ 25,251 $ 418,031   (1) The Company pledges collateral in connection with secured borrowings and various guarantees that it has provided. These are assets held by CFVs

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	   (in thousands)  2017 $ 282  2018 292  2019 308  2020 182  2021 129  Thereafter 304  Total minimum future rental commitments $ 1,497 

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of Earnings Per Share	The following table provides information about net income to common shareholders as well as provides information that pertains to weighted-average share counts that were used in per share calculations as presented on the Consolidated Statements of Operations:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Net income from continuing operations $ 40,820 $ 18,399 $ 610  Net income from discontinued operations 1,532 327 18,188  Net income to common shareholders $ 42,352 $ 18,726 $ 18,798   Basic weighted-average shares (1) 6,254 6,881 7,647  Common stock equivalents (2), (3), (4), (5) 374 ─ ─  Diluted weighted-average shares 6,628 6,881 7,647  (1) Includes common shares issued and outstanding, as well as non-employee directors’ and employee deferred shares that have vested, but are not issued and outstanding. (2) At December 31, 2016, 410,000 stock options were in the money and had a potential dilutive share impact of 372,194 . In addition, 9,468 employee deferred shares had a dilutive weighted-average share impact of 2,044 for the year ended December 31, 2016. (3) At December 31, 2015, 410,000 stock options were in the money and had a potential dilutive share impact of 339,689 . In addition, 9,468 unvested employee def e rred shares had a potential dilutive weighted-average share impact of 12,348 for the year ended December 31, 2015. For the year ended December 31, 2015, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (4) At December 31, 2014, 410,000 stock options were in the money and had a potential dilutive share impact of 291,805 . In addition, 41,667 unvested employee deferred shares had a potential dilutive weighted-average share impact of 20,834 for the year ended December 31, 2014. For the year ended December 31, 2014, the adjustment to net income for the awards classified as liabilities caused the common stock equivalents to be anti-dilutive. (5) For the years ended December 31, 2016, 2015 and 2014 the weighted-average number of options excluded from the calculations of diluted earnings per share was 1,663 , 24,211 and 60,211 , respectively, either because of their anti-dilutive effect (i.e. , options that were not in the money) or because the option had contingent vesting requirements.
Schedule of Noncontrolling Interest	   At At  December 31, December 31,  (in thousands) 2016 2015  Guaranteed Funds $ 128,734 $ 176,070  Consolidated Property Partnerships 6,220 3,950  IHS PM 45 31  Total $ 134,999 $ 180,051 
Schedule of Accumulated Other Comprehensive Income	The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2016:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2016 $ 64,322 $ (3,113) $ 61,209  Unrealized net gains (losses) 14,553 (67) 14,486  Reclassification of unrealized gains on sold or redeemed bonds into the Consolidated Statements of Operations (12,017) ─ (12,017)  Reclassification of unrealized bond gains into the Consolidated Statement of Operations due to consolidation or real estate foreclosure (25,860) ─ (25,860)  Net change in AOCI (23,324) (67) (23,391)  Balance, December 31, 2016 $ 40,998 $ (3,180) $ 37,818  The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2015:     Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2015 $ 50,761 $ (632) $ 50,129  Unrealized net gains (losses) 18,374 (2,481) 15,893  Reclassification of unrealized gains on sold or redeemed bonds (4,992) ─ (4,992)  Reclassification of unrealized losses to operations due to impairment 179 ─ 179  Net change in AOCI 13,561 (2,481) 11,080  Balance, December 31, 2015 $ 64,322 $ (3,113) $ 61,209            The following table provides information related to the net change in AOCI that is allocable to common shareholders for the year ended December 31, 2014:      Bonds Foreign  Available- Currency  (in thousands) for-sale Translation AOCI  Balance, January 1, 2014 $ 31,876 $ (209) $ 31,667  Unrealized net gains (losses) 18,103 (343) 17,760  Reclassification of unrealized gains on sold or redeemed bonds (11,303) ─ (11,303)  Reclassification of unrealized losses to operations due to impairment 113 ─ 113  Reclassification of unrealized gains due to deconsolidation of Consolidated LTTPs 13,975 ─ 13,975  Reversal of unrealized gains from AOCI to Net Income due to foreclosure (2,003) ─ (2,003)  Other ─ (80) (80)  Net change in AOCI 18,885 (423) 18,462  Balance, December 31, 2014 $ 50,761 $ (632) $ 50,129 

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
Stock-Based Compensation [Abstract]
Summary of Stock-Based Compensation Expense	   For the year ended  December 31,  (in thousands) 2016 2015 2014  Employees’ Stock-Based Compensation Plans $ 1,903 $ 2,152 $ 1,725  Non-employee Directors’ Stock-Based Compensation Plans 325 295 237  Total $ 2,228 $ 2,447 $ 1,962 
Summary of Option Activity	The following table provides information related to option activity under the Employees’ Stock-Based Compensation Plans:     Weighted-average  Remaining  Weighted-average Contractual Aggregate  Number of Exercise Price Life per option Intrinsic Period End  (in thousands, except per option data) Options per Option (in years) Value (1) Liability (2)  Outstanding at January 1, 2015 416 $ 3.52 6.3 $ 3,196 $ 3,281  Forfeited/Expired in 2015 ─  Outstanding at December 31, 2015 416 3.52 5.3 5,283 5,282  Forfeited/Expired in 2016 (6) 132.50  Outstanding at December 31, 2016 410 1.56 4.4 7,149 7,166   Number of options that were exercisable at:  December 31, 2015 398 3.60 5.3  December 31, 2016 410 1.56 4.4  (1) Intrinsic value is based on outstanding options. (2) Only options that were amortized based on a vesting schedule have a liability balance. These options were 410,000 ; 416,211 ; and 412,100 ; at December 31, 2016, December 31, 2015 and January 1, 2015, respectively.
Schedule of Employee Deferred Shares	   Weighted-average  Deferred Share Grant Date Period End  (in thousands, except per share data) Grants Share Price Liability  Balance, January 1, 2016 10 $ 4.40 $ 126  Granted in 2016 ─ ─  Issued in 2016 (10) 4.40  Forfeited in 2016 ─ ─  Balance, December 31, 2016 ─ ─ ─ 
Summary of Nonemployee Director Stock Award Activity	   Common Deferred Weighted-average  Shares Shares Grant Date Options Directors' Fees  Cash Granted Granted Share Price Vested Expense  December 31, 2016 $ 162,500 ─ 9,387 $ 17.31 ─ $ 325,000  December 31, 2015 147,500 4,779 7,670 11.85 ─ 295,000  December 31, 2014 118,750 8,462 5,904 8.27 ─ 237,500 

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Schedule of Components of Income Tax Expense (Benefit	The following table summarizes the components of the income tax benefit for the years ended December 31, 2016, 2015 and 2014:      For the year ended  December 31,  (in thousands) 2016 2015 2014  Federal income tax benefit:  Current $ ─ $ ─ $ ─  Deferred ─ ─ ─  State income tax expense:  Current (379) (263) (242)  Deferred ─ ─ ─  Foreign income tax expense:  Current (300) ─ ─  Deferred ─ ─ ─  Income tax expense $ (679) $ (263) $ (242) 
Schedule of Effective Income Tax Rate Reconciliation	The following table reflects the effective income tax reconciliation from continuing operations for the years ended December 31, 2016, 2015 and 2014:    For the year ended  December 31,  (in thousands) 2016 2015 2014  Loss from continuing operations before income taxes $ (5,112) $ (36,321) $ (99,364)   Income tax benefit at federal statutory rate ( 35% ) 1,789 12,712 34,778  Permanent differences:  Impact on taxes from entities not subject to tax (17,518) (22,214) (41,280)  State income taxes, net of federal tax effect 487 (2,065) (2,308)  Foreign losses (116) (231) (1,086)  Impact from other comprehensive income 9,052 309 2,562  Tax-exempt interest, net 319 769 1,140  State net operating loss adjustment 6,620 1,490 103  Other (184) 484 178  Net decrease in the valuation allowance (1,128) 8,483 5,671  Income tax expense $ (679) $ (263) $ (242) 
Schedule of Deferred Tax Assets and Liabilities	The following table summarizes the deferred tax assets and deferred tax liabilities, net of valuation allowance at December 31, 2016 and 2015:     At At  December 31, December 31,  (in thousands) 2016 2015  Deferred tax assets:  Net operating loss, tax credits and other tax carryforwards $ 179,404 $ 184,527  Guaranteed fees 4,984 6,031  Asset management fees 7,719 7,323  Cancellation of subordinated debt 5,394 5,545  Other 6,293 (224)  Total deferred tax assets 203,794 203,202  Less: valuation allowance (203,794) (203,202)  Total deferred tax assets, net $ - $ - 
Schedule of Deferred Tax Asset Valuation Allowance Roll Forward	The following table summarizes the change in the valuation allowance for the years ended December 31, 2016 and 2015:     For the year ended  December 31,  (in thousands) 2016 2015  Balance, January 1 $ 203,202 $ 211,800  Net reductions due to discontinued operations (536) (115)  Net reductions due to continuing operations 1,128 (8,483)  Balance, December 31 $ 203,794 $ 203,202 
Schedule of Unrecognized Tax Benefits Roll Forward	. A reconciliation of the beginning and ending amount for unrecognized tax benefits is as follows:     For the year ended  December 31,  (in thousands) 2016 2015 2014  Balance, January 1 $ 1,984 $ 1,466 $ 1,142  Net increases for tax positions of prior years 42 42 42  Net increases due to tax positions that only affect timing 524 476 282  Balance, December 31 $ 2,550 $ 1,984 $ 1,466 

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations [Abstract]
Schedule of Discontinued Operations	   For the year ended  December 31,  (in thousands) 2016 2015 2014  Income from CFVs $ ─ $ ─ $ 279  Income from REO operations ─ ─ 1,148  Expenses from CFVs ─ ─ (243)  Expenses from REO operations ─ ─ (1,112)  Other income 333 333 333  Other expense (3) (6) (70)  Net income before disposal activity 330 327 335  Disposal:  Net gains on real estate and other investments 1,202 ─ 17,683  Net gains related to CFVs ─ ─ 20  Net income from discontinued operations 1,532 327 18,038  Loss from discontinued operations allocable to noncontrolling interests ─ ─ 150  Net income to common shareholders from discontinued operations $ 1,532 $ 327 $ 18,188 

CONSOLIDATED FUNDS AND VENTUR38

CONSOLIDATED FUNDS AND VENTURES (Tables)	12 Months Ended
	Dec. 31, 2016
Consolidated Funds and Ventures [Abstract]
Schedule of More Information Related to Assets Consolidated Fund or Ventures	   At At  December 31, December 31,  (in thousands) 2016 2015  Cash, cash equivalents and restricted cash $ 23,584 $ 22,992  Investments in LTPPs 137,773 177,786  Real estate held for use, net 36,942 9,821  Real estate held for sale, net 145 ─  Other assets 7,464 9,013  Total assets of CFVs $ 205,908 $ 219,612 
Assets and Liabilities of Unconsolidated Funds and Ventures	   At At  December 31, December 31,  (in thousands) 2016 2015  Total assets of the LTPPs (1) $ 1,124,274 $ 1,216,319  Total liabilities of the LTPPs (1) 937,335 1,008,835   (1) The assets of the LTPPs are primarily real estate and the liabilities are predominantly mortgage debt.
Schedule of More Information Related to Real Estate Consolidated Fund and Ventures	The carrying value of the assets of consolidated property partnerships was comprised of the following:    At At  December 31, December 31,  (in thousands) 2016 2015  Building, furniture and fixtures $ 33,281 $ 8,696  Accumulated depreciation (1,085) (89)  Land 4,746 1,214  Total $ 36,942 $ 9,821 
Schedule of More Information Related to Real Estate Held-for-Sale Consolidated Fund and Ventures	The carrying value of assets of the consolidated property partnership was comprised of the following:      At At  December 31, December 31,  (in thousands) 2016 2015  Cash $ 145 $ ─  Building, furniture and fixtures ─ ─  Land ─ ─  Other assets ─ ─  Total $ 145 $ ─ 
Schedule of More Information Related to Liabilities Consolidated Fund and Venture	The following table summarizes the liabilities of the CFVs:     At At  December 31, December 31,  (in thousands) 2016 2015  Debt (1), (2) $ 13,029 $ 9,883  Unfunded equity commitments to unconsolidated LTPPs 8,103 8,203  Asset management fee payable 28,373 24,828  Other liabilities 4,209 3,405  Total liabilities of CFVs $ 53,714 $ 46,319  (1) At December 31, 2016 and 2015, $6.7 million of this debt had a UPB equal to its carrying value, a weighted-average effective interest rate of 5.75% , and was due on demand. (2) At December 31, 2016, $6.3 million of this debt was related to two consolidated property partnerships and had a UPB of $5.4 million and weighted-average effective interest rate of 4.0% with various maturity dates through March 11, 2029. At December 31, 2015, $3.2 million of this debt was related to two consolidated property partnerships and had a UPB of $2.8 million and weighted-average effective interest rate of 4.3% with various maturity dates through May 1, 2039.
Schedule of Income Statement of Consolidated Funds and Ventures	    For the year ended  December 31,  (in thousands) 2016 2015 2014  Revenue:  Rental and other income from real estate $ 2,912 $ 102 $ 10,210  Interest and other income 1,054 886 6,284  Total revenue from CFVs 3,966 988 16,494   Expenses:  Depreciation and amortization 3,196 2,296 7,012  Interest expense 573 384 3,087  Other operating expenses 7,355 5,194 48,328  Foreign currency loss ─ ─ 5,030  Asset impairments 25,113 29,923 26,978  Total expenses from CFVs 36,237 37,797 90,435   Net losses related to CFVs:  Investment (loss) gains (451) 853 13,121  Derivative gains ─ ─ 2,244  Net loss due to deconsolidation of CFVs ─ ─ (23,867)  Net loss on sale of properties ─ ─ (138)  Equity in losses from LTPPs of CFVs (17,254) (22,219) (32,730)  Net loss (49,976) (58,175) (115,311)  Net losses allocable to noncontrolling interests in CFVs (1) 46,686 55,014 100,140  Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171)  (1) Excludes $75 and $31 of net gain allocable to the noncontrolling interest holder in IHS PM for the years ended December 31, 2016 and 2015. Excludes $76 of net loss allocable to the noncontrolling interest holder in IHS for the year ended December 31, 2014. These amounts are excluded from this presentation because IHS PM and IHS related activity are not included within CFV income statement activity above.
Schedule of Net Income to Shareholders Related to Consolidated Funds and Ventures	   For the year ended  December 31,  (in thousands) 2016 2015 2014  Asset management fees $ ─ $ ─ $ 4,103  Guarantee fees 1,238 1,324 1,324  Interest income 502 ─ 1,526  Equity in losses from LTPPs (4,776) (5,338) (5,912)  Equity in income from Consolidated Property Partnerships 344 ─ ─  Equity in income from SAWHF ─ ─ 343  Other expenses (598) ─ (1,105)  Net gain due to consolidation of CFVs ─ 853 ─  Net loss due to deconsolidation of CFVs ─ ─ (15,450)  Net loss allocable to the common shareholders related to CFVs $ (3,290) $ (3,161) $ (15,171) 

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The Company operates through three reportable segments: U.S. Operations, International Operations and Corporate Operations . The segment results include fees received from CFVs as well as net losses or net income allocated to equity investments in certain CFVs. We have revised the presentation for the years ended December 31, 2015 and 2014, which had no impact on Net income to common shareholders.         For the year ended December 31, 2016  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 15,255 $ 132 $ 104 $ (502) (1) $ 14,989  Total interest expense (1,870) ─ (294) ─ (2,164)  Net interest income 13,385 132 (190) (502) 12,825   Total fee and other income 6,293 6,770 3 (1,238) (2) 11,828  Revenue from CFVs 3,966 ─ ─ ─ 3,966  Total non-interest revenue 10,259 6,770 3 (1,238) 15,794  Total revenues, net of interest expense 23,644 6,902 (187) (1,740) 28,619  Operating and other expenses:  Interest expense (125) (2) (4,309) ─ (4,436)  Operating expenses (9,736) (8,993) (6,512) ─ (25,241)  Other expenses, net (2,568) 836 (113) 598 (3) (1,247)  Expenses from CFVs (37,723) ─ ─ 1,486 (1), (2), (4) (36,237)  Total operating and other expenses (50,152) (8,159) (10,934) 2,084 (67,161)  Net gains on assets, derivatives and extinguishment of liabilities 16,416 1 (14) ─ 16,403  Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 25,860 ─ ─ ─ 25,860  Equity in income (losses) from unconsolidated funds and ventures 9,711 (495) ─ (344) 8,872  Net gains related to CFVs (451) ─ ─ ─ (451)  Equity in losses from Lower Tier Property Partnerships of CFVs (17,254) ─ ─ ─ (17,254)  Income (loss) from continuing operations before income taxes 7,774 (1,751) (11,135) ─ (5,112)  Income tax expense ─ (300) (379) ─ (679)  Income from discontinued operations, net of tax 1,532 ─ ─ ─ 1,532  Net income (loss) 9,306 (2,051) (11,514) ─ (4,259)  (Income) loss allocable to  noncontrolling interests:  Net (income) losses allocable to  noncontrolling interests in CFVs:  Related to continuing operations 46,686 (75) ─ ─ 46,611  Net income (loss) allocable to common shareholders $ 55,992 $ (2,126) $ (11,514) $ ─ $ 42,352  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.5 million was reflected in total interest for U.S. Operations. (2) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2016 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations. (3) Represents a lower of cost or market adjustment on a property held for sale that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.6 million was reflected in other expenses for U.S. Operations. (4) Represents equity in income from the Consolidated Property Partnerships that the Company recognized as an allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the Company recognized $1.5 million of gains in U.S. Operations.      For the year ended December 31, 2015  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 15,844 $ 68 $ 82 $ ─ $ 15,994  Total interest expense (1,820) ─ (518) − (2,338)  Net interest income 14,024 68 (436) ─ 13,656   Total fee and other income 8,834 5,679 488 (1,324) (1) 13,677  Revenue from CFVs 988 ─ ─ − 988  Total non-interest revenue 9,822 5,679 488 (1,324) 14,665  Total revenues, net of interest expense 23,846 5,747 52 (1,324) 28,321  Operating and other expenses:  Interest expense (1,158) (96) (6,039) ─ (7,293)  Operating expenses (7,957) (8,974) (5,992) ─ (22,923)  Other expenses (1,656) (4,655) (1,146) ─ (7,457)  Expenses from CFVs (39,121) ─ ─ 1,324 (1) (37,797)  Total operating and other expenses (49,892) (13,725) (13,177) 1,324 (75,470)  Net gains on assets, derivatives and extinguishment of liabilities 27,154 4,175 ─ ─ 31,329  Equity in income from unconsolidated funds and ventures 902 (37) ─ ─ 865  Net gains related to CFVs 853 ─ ─ ─ 853  Equity in (losses) income from Lower Tier Property Partnerships of CFVs (22,219) ─ ─ ─ (22,219)  Income (loss) from continuing operations before income taxes (19,356) (3,840) (13,125) ─ (36,321)  Income tax expense (29) ─ (234) ─ (263)  Income from discontinued operations, net of tax 327 ─ ─ ─ 327  Net income (loss) (19,058) (3,840) (13,359) ─ (36,257)  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling  interests in CFVs:  Related to continuing operations 55,014 (31) ─ ─ 54,983  Net income (loss) allocable to common shareholders $ 35,956 $ (3,871) $ (13,359) $ ─ $ 18,726  (1) Represents guarantee fees related to the Company’s Guaranteed Funds, which were recognized during 2015 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, were included in total fee and other income for U.S. Operations.      For the year ended December 31, 2014  Income  U.S. International Allocation MMA  (in thousands) Operations Operations Corporate Reclassifications Consolidated  Total interest income $ 20,542 $ 53 $ 19 $ (1,526) (1) $ 19,088  Total interest expense (2,414) ─ (706) − (3,120)  Net interest income 18,128 53 (687) (1,526) 15,968   Total fee and other income 10,497 5,554 32 (5,427) (2) 10,656  Revenue from CFVs 16,494 ─ ─ − 16,494  Total non-interest revenue 26,991 5,554 32 (5,427) 27,150  Total revenues, net of interest expense 45,119 5,607 (655) (6,953) 43,118  Operating and other expenses:  Interest expense (2,707) (144) (10,925) ─ (13,776)  Operating expenses (6,919) (8,356) (6,252) ─ (21,527)  Other expenses (4,151) (194) (242) 1,105 (3) (3,482)  Expenses from CFVs (81,176) ─ ─ (9,259) (5) (90,435)  Total operating and other expenses (94,953) (8,694) (17,419) (8,154) (129,220)  Net gains on assets, derivatives and extinguishment of liabilities 18,247 ─ 1,120 ─ 19,367  Net gains transferred into net income from AOCI due to real estate foreclosure 2,003 ─ ─ ─ 2,003  Equity in income from unconsolidated funds and ventures 6,500 238 ─ ─ 6,738  Net gains related to CFVs 15,227 ─ ─ ─ 15,227  Equity in (losses) income from Lower Tier Property Partnerships of CFVs (32,730) 343 ─ (343) (4) (32,730)  Net losses due to deconsolidation of CFVs (39,317) ─ ─ 15,450 (23,867)  Income (loss) from continuing operations before income taxes (79,904) (2,506) (16,954) ─ (99,364)  Income tax expense ─ ─ (242) ─ (242)  Income from discontinued operations, net of tax 18,038 ─ ─ ─ 18,038  Net income (loss) (61,866) (2,506) (17,196) ─ (81,568)  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling  interests in CFVs:  Related to continuing operations 100,140 76 ─ ─ 100,216  Related to discontinued operations 150 ─ ─ ─ 150  Net income (loss) allocable to common shareholders $ 38,424 $ (2,430) $ (17,196) $ ─ $ 18,798  (1) Represents bond interest income that the Company recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $1.5 million was reflected in total interest income for U.S. Operations. (2) This amount includes $2.5 million of asset management fees recognized by IHS through an income allocation (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $2.5 million was reflected in total fee and other income for International Operations. This amount also includes $1.6 million of asset management fees and $1.3 million of guarantee fees both related to the Company’s LIHTC Funds and both recognized during 2014 through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, both were included in total fee and other income for U.S. Operations. (3) Represents net expenses recognized by the Company through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, these expenses were reflected as additional other expenses for U.S. Operations. (4) Represents the Company’s share of its equity interest in SAWHF (i.e., 2.7% of SAWHF’s 2014 net income) which was recognized through an allocation of income (see Note 14, “Consolidated Funds and Ventures”) and for purposes of the table above, the $0.3 million was reflected as equity in income of unconsolidated ventures for International Operations. (5) Represents net expenses of CFVs that were eliminated in consolidation because they were payments or income allocations to MMA.
Reconciliation of Assets from Segment to Consolidated	   December 31, December 31,  (in thousands) 2016 2015  ASSETS  U.S. Operations (includes $205,908 and $219,612 related to CFVs) $ 517,286 $ 571,213  Corporate Operations 48,459 21,619  International Operations 8,454 6,239  Total MMA consolidated assets $ 574,199 $ 599,071 

SELECTED QUARTERLY FINANCIAL 40

SELECTED QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	   Unaudited  For the 2016 Quarter Ended  (in thousands, except per share data) March 31 June 30 September 30 December 31  Interest income  Interest on bonds $ 3,254 $ 2,705 $ 3,230 $ 2,305  Interest on loans and short-term investments 437 886 1,195 977  Total interest income 3,691 3,591 4,425 3,282   Interest expense  Bond related debt 295 335 404 443  Non-bond related debt 254 217 181 35  Total interest expense 549 552 585 478  Net interest income 3,142 3,039 3,840 2,804   Non-interest revenue  Asset management fees and reimbursements 1,892 2,261 2,383 2,324  Other income 647 954 1,109 258  Revenue from CFVs 819 726 1,163 1,258  Total non-interest revenue 3,358 3,941 4,655 3,840  Total revenues, net of interest expense 6,500 6,980 8,495 6,644   Operating and other expenses  Interest expense 1,042 1,075 1,121 1,198  Salaries and benefits 4,080 3,919 4,288 4,826  General and administrative 700 655 633 805  Professional fees 1,435 1,005 1,452 1,443  Other expenses 48 735 (3) 467  Expenses from CFVs 8,368 9,014 10,065 8,790  Total operating and other expenses 15,673 16,403 17,556 17,529   Net gains (losses) on bonds 2,295 28 (69) 9,963  Net gains on real estate and other investments 116 ─ 1,585 127  Net gains (losses) on derivatives, loans, other assets and extinguishment of liabilities 682 1,424 894 (642)  Net gains transferred into net income from AOCI due to consolidation or real estate foreclosure 11,442 4,205 ─ 10,213  Equity in income from unconsolidated funds and ventures 4,461 2,126 1,478 807  Net (losses) gains related to CFVs ─ (598) ─ 147  Equity in losses from lower tier property partnerships of CFVs (5,686) (4,937) (4,993) (1,638)  Net loss from continuing operations before income taxes 4,137 (7,175) (10,166) 8,092  Income tax expense (72) (34) (43) (530)  Net income from discontinued operations, net of tax 83 83 1,285 81  Net income (loss) 4,148 (7,126) (8,924) 7,643  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling interests in CFVs and IHS PM:  Related to continuing operations 12,457 12,256 13,099 8,799  Net income allocable to common shareholders $ 16,605 $ 5,130 $ 4,175 $ 16,442   Basic income per common share:  Income from continuing operations $ 2.54 $ 0.80 $ 0.47 $ 2.71  Income from discontinued operations 0.01 0.01 0.21 0.01  Income per common share $ 2.55 $ 0.81 $ 0.68 $ 2.72   Diluted income per common share:  Income from continuing operations $ 2.51 $ 0.80 $ 0.44 $ 2.61  Income from discontinued operations 0.01 0.01 0.20 0.01  Income per common share $ 2.52 $ 0.81 $ 0.64 $ 2.62   Weighted-average common shares outstanding:  Basic 6,523 6,289 6,174 6,034  Diluted 6,882 6,289 6,549 6,408           Unaudited  For the 2015 Quarter Ended  (in thousands, except per share data) March 31 June 30 September 30 December 31  Interest income  Interest on bonds $ 4,026 $ 3,281 $ 3,298 $ 3,006  Interest on loans and short-term investments 741 803 396 443  Total interest income 4,767 4,084 3,694 3,449   Interest expense  Bond related debt 326 379 318 313  Non-bond related debt 148 132 305 417  Total interest expense 474 511 623 730  Net interest income 4,293 3,573 3,071 2,719   Non-interest revenue  Income on preferred stock investment 1,297 1,311 1,326 419  Asset management fees and reimbursements 1,421 1,575 1,924 1,887  Other income 723 810 656 328  Revenue from CFVs 67 133 209 579  Total non-interest revenue 3,508 3,829 4,115 3,213  Total revenues, net of interest expense 7,801 7,402 7,186 5,932   Operating and other expenses  Interest expense 3,196 1,708 1,300 1,089  Salaries and benefits 3,272 3,911 4,232 4,318  General and administrative 863 773 719 868  Professional fees 1,144 881 718 1,224  Other expenses 107 1,722 2,267 3,361  Expenses from CFVs 9,316 9,014 10,890 8,577  Total operating and other expenses 17,898 18,009 20,126 19,437   Net gains on bonds 583 3,792 626 1,512  Net gains on real estate and other investments ─ 5,622 4,296 6,577  Net gains on derivatives, loans, other assets and extinguishment of liabilities 985 928 1,523 4,885  Equity in income from unconsolidated funds and ventures 73 20 281 491  Net gains related to CFVs ─ ─ ─ 853  Equity in losses from lower tier property partnerships of CFVs (5,693) (6,654) (3,919) (5,953)  Net loss from continuing operations before income taxes (14,149) (6,899) (10,133) (5,140)  Income tax (expense) benefit (71) (61) (146) 15  Net income from discontinued operations, net of tax 78 83 83 83  Net loss (14,142) (6,877) (10,196) (5,042)  Loss allocable to noncontrolling interests:  Net losses allocable to noncontrolling interests in CFVs and IHS PM:  Related to continuing operations 14,304 14,168 13,780 12,731  Net income allocable to common shareholders $ 162 $ 7,291 $ 3,584 $ 7,689   Basic income per common share:  Income from continuing operations $ 0.01 $ 1.04 $ 0.52 $ 1.15  Income from discontinued operations 0.01 0.01 0.01 0.01  Income per common share $ 0.02 $ 1.05 $ 0.53 $ 1.16   Diluted income per common share:  Income from continuing operations $ 0.01 $ 1.04 $ 0.50 $ 1.15  Income from discontinued operations 0.01 0.01 0.01 0.01  Income per common share $ 0.02 $ 1.05 $ 0.51 $ 1.16   Weighted-average common shares outstanding:  Basic 7,213 6,955 6,746 6,617  Diluted 7,213 6,955 7,091 6,617 

SUMMARY OF SIGNIFICANT ACCOUN41

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2016	Dec. 31, 2016USD ($)segment	Dec. 31, 2016USD ($)entity	Dec. 31, 2016USD ($)agreement	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments | segment		3
Bond Value as Percentage of Unpaid Principal Balance					101.00%
Operating Loss Carryforwards | $		$ 400.9	$ 400.9	$ 400.9	$ 400.9	$ 436.9
Guaranteed Funds | agreement				13
International Housing Solutions (IHS) [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage					60.00%
Minimum [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage					0.01%
Maximum [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage					1.00%
Guaranteed Funds [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	0.01%
Guaranteed Funds			11	11

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revisions to Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively)	$ 87,506	$ 54,961
Accumulated other comprehensive income ("AOCI")	37,818	61,209	$ 50,129	$ 31,667
Total common shareholders’ equity	$ 125,324	116,170
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively)		47,755
Accumulated other comprehensive income ("AOCI")		68,415
Total common shareholders’ equity		116,170
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common shares, no par value (5,925,743 and 6,516,275 shares issued and outstanding and 81,863 and 72,476 non-employee directors' and employee deferred shares issued at December 31, 2016 and 2015, respectively)		7,206
Accumulated other comprehensive income ("AOCI")		$ (7,206)

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revisions to Consolidated Statements of Equity) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity	$ 260,323	$ 296,221	$ 321,198	$ 538,859
Common Stock [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity	87,506	54,961	41,355	33,679
Common Stock [Member] | Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity		47,755	35,032
Common Stock [Member] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity		883	6,323
AOCI [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity	$ 37,818	61,209	50,129	$ 31,667
AOCI [Member] | Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity		68,415	56,452
AOCI [Member] | Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stockholders' Equity		$ (883)	$ (6,323)

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revisions to Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest on bonds	$ 2,305	$ 3,230	$ 2,705	$ 3,254	$ 3,006	$ 3,298	$ 3,281	$ 4,026	$ 11,494	$ 13,611	$ 17,974
Income tax benefit (expense)	(530)	(43)	(34)	(72)	15	(146)	(61)	(71)	(679)	(263)	(242)
Net income from discontinued operations, net of tax	$ 81	$ 1,285	$ 83	$ 83	$ 83	$ 83	$ 83	$ 78	$ 1,532	$ 327	$ 18,038
Basic income (loss) per common share	$ 2.72	$ 0.68	$ 0.81	$ 2.55	$ 1.16	$ 0.53	$ 1.05	$ 0.02	$ 6.77	$ 2.72	$ 2.46
Diluted income (loss) per common share	$ 2.62	$ 0.64	$ 0.81	$ 2.52	$ 1.16	$ 0.51	$ 1.05	$ 0.02	$ 6.67	$ 2.72	$ 2.46
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest on bonds										$ 12,728	$ 16,493
Income tax benefit (expense)										(263)	45
Net income from discontinued operations, net of tax										$ 327	$ 17,901
Basic income (loss) per common share										$ 2.59	$ 2.28
Diluted income (loss) per common share										$ 2.59	$ 2.28
Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest on bonds										$ 883	$ 1,481
Income tax benefit (expense)											(287)
Net income from discontinued operations, net of tax											$ 137
Basic income (loss) per common share										$ 0.13	$ 0.18
Diluted income (loss) per common share										$ 0.13	$ 0.18

BONDS AVAILABLE-FOR-SALE (Narra

BONDS AVAILABLE-FOR-SALE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Non Accrual Bonds	$ 7,000			$ 7,000	$ 43,300
Non Accrual Bonds Interest Income Cash Basis Method				300	1,700	$ 1,300
Interest Income Non Accrual Bonds Not Recognized				600	3,200	4,200
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis	13,900			13,900
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value	$ 26,900			26,900
Increase Decrease in Fair Value Of Bonds				(62,500)
Proceeds From Sale or Redemption Of Available For Sale Securities				$ 23,200	$ 15,300	17,100
Weighted average pay rate on available-for-sale bonds	6.10%			6.10%	5.40%
Net gains transferred into net income from AOCI due to real estate foreclosure	$ 10,213	$ 4,205	$ 11,442	$ 25,860		$ 2,003
Fair Value of Bonds Sold or Redeemed, Non-accrual Status				$ 3,000
Weighted Average Expected Maturity, Investments, not Currently Prepayable				5 years 1 month 6 days
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Net gains transferred into net income from AOCI due to real estate foreclosure				$ 11,400

BONDS AVAILABLE-FOR-SALE (Bonds

BONDS AVAILABLE-FOR-SALE (Bonds and Related Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 154,154	$ 223,359
Amortized Cost	114,983	154,117
Gross Unrealized Gains	40,998	64,322
Fair Value	$ 155,981	$ 218,439
FV as a % of UPB	101.00%	98.00%
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 106,366	$ 160,974
Amortized Cost	73,049	98,694
Gross Unrealized Gains	36,978	57,915
Fair Value	$ 110,027	$ 156,609
FV as a % of UPB	103.00%	97.00%
Other Debt Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Unpaid Principal Balance	$ 47,788	$ 62,385
Amortized Cost	41,934	55,423
Gross Unrealized Gains	4,020	6,407
Fair Value	$ 45,954	$ 61,830
FV as a % of UPB	96.00%	99.00%

BONDS AVAILABLE-FOR-SALE (Bon47

BONDS AVAILABLE-FOR-SALE (Bonds Without Prepayment Restrictions) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Bonds Unpaid Principal Balance [Abstract]
Bonds unpaid principal balance for, December 31, 2016	$ 37,788
Bonds unpaid principal balance, 2018	1,943
Bonds unpaid principal balance, 2020	5,245
Bonds unpaid principal balance, thereafter	109,082
Bonds unpaid principal balance, may not be prepaid	96
Unpaid principal balance	154,154	$ 223,359
Amortized Cost, Bonds that may be prepaid without restrictions
Amortized Cost, December 31, 2016	31,933
Amortized Cost, 2018	448
Amortized Cost, 2020	4,467
Amortized Cost, Thereafter	78,039
Amortized Cost, Bonds that may not be prepaid	96
Amortized Cost	114,983	154,117
Fair Value, Bonds that may be prepaid without restrictions, premiums or penalties
Fair Value, December 31, 2016	35,414
Fair Value, 2018	2,239
Fair Value, 2020	5,396
Fair Value, Thereafter	112,835
Fair Value, Bonds that may not be prepaid	97
Fair Value, Total	$ 155,981	$ 218,439

BONDS AVAILABLE-FOR-SALE (Bond

BONDS AVAILABLE-FOR-SALE (Bond Aging Analysis) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Bonds Available-For-Sale [Abstract]
Total current	$ 148,967	$ 175,106
30-59 days past due
60-89 days past due
90 days or greater	7,014	43,333
Total	$ 155,981	$ 218,439

BONDS AVAILABLE-FOR-SALE (Reali

BONDS AVAILABLE-FOR-SALE (Realized Gains on Bond Sales and Redemptions) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Bonds Available-For-Sale [Abstract]
Net impairment recognized on bonds sold/redeemed during each period										$ (179)
(Losses) gains recognized at time of sale or redemption	$ 9,963	$ (69)	$ 28	$ 2,295	$ 1,512	$ 626	$ 3,792	$ 583	$ 12,217	6,513	$ 12,293
Total net (losses) gains on bonds									$ 12,217	$ 6,334	$ 12,180

INVESTMENTS IN PARTNERSHIPS (Na

INVESTMENTS IN PARTNERSHIPS (Narrative) (Details) $ in Thousands, ZAR in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2014USD ($)	Dec. 31, 2016USD ($)entity	Dec. 31, 2015USD ($)entity	Dec. 31, 2016ZAR	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 260,441		$ 244,191
Commitments and Contingencies
Loans and Leases Receivable, Net Amount, Total			7,928		4,809
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 29,633		$ 27,596
Payments to acquire equity method investments	$ 8,800
Equity method investment, ownership percentage	80.00%			33.00%	33.00%
Commitments and Contingencies					$ 4,000
Number of Variable Interest Entities | entity		3	5
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net			$ 13,400		11,100
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			20,300		11,100
U.S. Real Estate Partnerships formed in Q4 2014[Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					16,500
U.S. Real Estate Partnerships, Other [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					6,300
MuniMae TEI Holdings, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					4,800
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			2,501		3,296
Equity In Income From SAWHF [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					1,200
IHS Residential Partners One [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					1,900
Variable Interest Entity, Maximum Committed Financial or Other Support | ZAR				ZAR 180
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net					1,900
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			11,700		13,200
IHS Fund Two [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments					200
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 50,521		$ 75,526
Payments to acquire equity method investments		$ 75,000
Minimum [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				1.80%	1.80%
Maximum [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				4.25%	4.25%

INVESTMENTS IN PARTNERSHIPS (Sc

INVESTMENTS IN PARTNERSHIPS (Schedule of Real Estate Investment Partnerships) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 244,191	$ 260,441
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	27,596	29,633
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	3,296	2,501
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	75,526	50,521
Lower Tier Property Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	137,773	177,786
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	11,138	13,374
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 1,955	$ 1,388

INVESTMENTS IN PARTNERSHIPS (52

INVESTMENTS IN PARTNERSHIPS (Schedule of Balance Sheet Accounts Related to Equity Method Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	$ 97,659	$ 114,697
Total liabilities	47,147	61,007
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	261,082	235,858
Total liabilities	110,214	103,149
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets	158,365	104,137
Total liabilities	$ 4,905	$ 3,585

INVESTMENTS IN PARTNERSHIPS (53

INVESTMENTS IN PARTNERSHIPS (Schedule of Income Loss in Earnings of Unconsolidated Venture) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. Real Estate Partnerships [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ 2,952	$ (1,345)	$ 16,833
IHS Managed Funds and Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	(19,718)	(5,646)	$ 6,589
Solar Facilities Investment [Member]
Schedule of Equity Method Investments [Line Items]
Net income (loss)	$ 1,206	$ 1,313

OTHER ASSETS (Narrative, Loans

OTHER ASSETS (Narrative, Loans Held-for-Investment and Held-for-Sale) (Details) - USD ($) $ in Thousands	3 Months Ended						12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loans and Leases Receivable Unpaid Principal Balance	$ 16,800			$ 13,200			$ 16,800	$ 13,200
Loans and Leases Receivable, Deferred Income	7,600			4,500			7,600	4,500
Impaired Financing Receivable, Unpaid Principal Balance	6,400			1,100			6,400	1,100
Financing Receivable, Recorded Investment, Nonaccrual Status	500			300			500	300
Loans Receivable Held-for-sale, Amount	0			6,417			0	6,417
Loans Receivable, Held-For-Sale, Cost Basis	6,000			12,400			6,000	12,400
Net gains on sale of real estate estate and other investments	127	$ 1,585	$ 116	6,577	$ 4,296	$ 5,622	1,828	16,495	$ 882
Solar Loans [Member]
Net gains on sale of real estate estate and other investments							100
Solar Facilities [Member]
Property, Plant, and Equipment, Owned, Accumulated Depreciation	$ 1,700			$ 1,600			$ 1,700	$ 1,600

OTHER ASSETS (Narrative, Remain

OTHER ASSETS (Narrative, Remainder) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net gains on derivatives, loans, other assets and extinguishment of liabilities	$ (642)	$ 894	$ 1,424	$ 682	$ 4,885	$ 1,523	$ 928	$ 985	$ 2,358	$ 8,321	$ 6,192
Gains (Losses) on Sales of Other Real Estate	127	1,585		$ 116	6,577	$ 4,296	$ 5,622		1,828	16,495	882
Accrued Fees and Other Revenue Receivable	1,406				1,121				1,406	1,121
Derivative Asset, Noncurrent	7,884				3,673				7,884	3,673
Derivative Asset	7,884				3,673				7,884	3,673
Depreciation									1,000	100	4,800
Impairment of Long-Lived Assets to be Disposed of									0	0	200
One solar construction loan [Member]
Fair Value, Option, Unpaid Principal Balance	10,000								10,000
Fair Value, Option, Ineligible Items, Carrying Amount	3,800								3,800
IHS Funds and Ventures [Member]
Accrued Fees and Other Revenue Receivable	900				800				900	800
Solar Facilities [Member]
Net gains on derivatives, loans, other assets and extinguishment of liabilities		$ 200
Depreciation	200
Loan Origination Commitments [Member]
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset	$ 0				$ 500				$ 0	500
Building [Member]
Property, Plant and Equipment, Useful Life									40 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life									15 years
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life									6 years
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life									7 years
REO held for use, net [Member]
Depreciation										$ 100	$ 500

OTHER ASSETS (Summary of Other

OTHER ASSETS (Summary of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other assets:
Loan receivable held-for-investment	$ 4,809	$ 7,928
Loans held-for-sale	0	6,417
Real estate owned	3,267	8,669
Derivative assets	7,884	3,673
Accrued interest and dividends receivable	1,822	2,115
Asset management fees receivable	1,406	1,121
Other assets	5,526	7,485
Total other assets	70,998	58,315
Consolidated Funds and Ventures [Member]
Other assets:
Total other assets	44,551	18,834
Solar Facilities Investment [Member]
Other assets:
Total other assets	$ 1,733	$ 2,073

OTHER ASSETS (Loans Held for In

OTHER ASSETS (Loans Held for Investment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortized cost	$ 9,202	$ 8,678
Net gains included in earnings	(3,565)
Allowance for loan losses	(828)	(750)
Loans held for investment, net	$ 4,809	$ 7,928

OTHER ASSETS (REO held for use,

OTHER ASSETS (REO held for use, net) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Other assets	$ 70,998	$ 58,315
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	23,584	22,992
Other assets	7,464	9,013
Real estate held for use, net	36,942	9,821
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Real estate held for use, net	36,942	9,821
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Property, Plant and Equipment, Gross	33,281	8,696
Real estate held for use, gross	33,281	8,696
Accumulated depreciation	(1,085)	(89)
Consolidated Funds and Ventures [Member] | Land [Member]
Investment [Line Items]
Property, Plant and Equipment, Gross	4,746	1,214
Real estate held for use, gross	4,746	1,214
REO held for use, net [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash		149
Other assets		10
Real estate held for use, net	3,267	8,669
REO held for use, net [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Property, Plant and Equipment, Gross	648	4,014
Real estate held for use, gross	648	4,014
REO held for use, net [Member] | Land [Member]
Investment [Line Items]
Property, Plant and Equipment, Gross	2,619	4,496
Real estate held for use, gross	$ 2,619	$ 4,496

DEBT (Narrative) (Details)

DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	3.00%				2.90%				3.00%	2.90%
Interest expense	$ 478	$ 585	$ 552	$ 549	$ 730	$ 623	$ 511	$ 474	$ 2,164	$ 2,338	$ 3,120
Repayments of Debt									15,527	38,790	$ 79,083
Letters of Credit Outstanding, Amount	0				0				0	0
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	16,869								16,869
Subordinated Loan [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	125,899				$ 129,185				125,899	$ 129,185
Principal	$ 120,512								$ 120,512
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	2.10%				2.60%				2.10%	2.60%
Notes Payable and Other Debt – Bond Related [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total	$ 79,137				$ 88,131				$ 79,137	$ 88,131
Notes Payable and Other Debt – Non-Bond Related [Member]
Debt Instrument [Line Items]
Long-term Debt, Excluding Current Maturities, Total					$ 3,126					$ 3,126
TRS Financing Arrangements [Member]
Debt Instrument [Line Items]
Underlying Bond Notional Amount	$ 78,000								$ 78,000
Underlying Bond Interest Rate	6.40%								6.40%
Long-term Debt, Gross	$ 82,100								$ 82,100
Derivative, Variable Interest Rate	2.00%								2.00%

DEBT (Outstanding Debt Balances

DEBT (Outstanding Debt Balances) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt, Carrying Value	$ 243,071	$ 242,095
Debt Instrument, Interest Rate, Effective Percentage	3.00%	2.90%
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 230,042	$ 232,212
Debt Instrument, Interest Rate, Effective Percentage	2.80%	2.80%
Asset Related Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 82,029	$ 99,958
Debt Instrument, Interest Rate, Effective Percentage	2.10%	2.60%
Notes Payable and Other Debt – Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 2,892	$ 1,137
Debt, Due after one year	$ 79,137	$ 88,131
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	2.20%	1.50%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.10%	1.40%
Unamortized Debt Issuance Expense	$ 100
Notes Payable and Other Debt – Non-Bond Related [Member]
Debt Instrument [Line Items]
Debt, Due within one year		$ 7,564
Debt, Due after one year		$ 3,126
Debt Instrument, Interest Rate, Effective Percentage, Current Portion		13.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion		10.40%
Other Debt [Member]
Debt Instrument [Line Items]
Debt, Carrying Value	$ 148,013	$ 132,254
Debt Instrument, Interest Rate, Effective Percentage	3.30%	3.00%
Subordinated Loan [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 3,297	$ 3,069
Debt, Due after one year	125,899	$ 129,185
Debt, Carrying Value	$ 129,196
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.90%	3.00%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	3.40%	3.00%
Net Premium and Debt Issuance Costs	$ 8,700	$ 9,200
Notes Payable and Other Debt [Member]
Debt Instrument [Line Items]
Debt, Due within one year	1,948
Debt, Due after one year	$ 16,869
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	3.90%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	2.30%
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Debt, Due within one year	$ 6,885	6,802
Debt, Due after one year	6,144	3,081
Debt, Carrying Value	$ 13,029	$ 9,883
Debt Instrument, Interest Rate, Effective Percentage, Current Portion	5.70%	5.50%
Debt Instrument, Interest Rate, Effective Percentage, Noncurrent Portion	4.00%	4.30%
Debt Instrument, Interest Rate, Effective Percentage	4.90%	5.10%

DEBT (Principal Commitments) (D

DEBT (Principal Commitments) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2,017	$ 14,511
2,018	60,767
2,019	14,184
2,020	30,153
2,021	3,155
Thereafter	110,802
Net premium and debt issue costs	9,499
Total	243,071	$ 242,095
Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
Total	13,029	9,883
Asset Related Debt And Other Debt [Member]
Debt Instrument [Line Items]
2,017	7,704
2,018	60,665
2,019	14,075
2,020	30,037
2,021	3,031
Thereafter	105,935
Net premium and debt issue costs	8,595
Total	230,042	232,212
Debt Related To Consolidated Funds and Ventures [Member]
Debt Instrument [Line Items]
2,017	6,807
2,018	102
2,019	109
2,020	116
2,021	124
Thereafter	4,867
Net premium and debt issue costs	904
Total	$ 13,029	$ 9,883

DEBT (Subordinate Debt) (Detail

DEBT (Subordinate Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Net Premium and Debt Issuance Costs	$ 9,499
Carrying Value	243,071	$ 242,095
Subordinated Loan [Member]
Debt Instrument [Line Items]
Principal	120,512
Net Premium and Debt Issuance Costs	8,684
Carrying Value	129,196
Subordinated Loan [Member] | MMA Financial Inc. Debt [Member]
Debt Instrument [Line Items]
Principal	27,008
Net Premium and Debt Issuance Costs	(150)
Carrying Value	$ 26,858
Maturity Date	December 2027 and December 2033
Coupon Interest Rate	8.00%
Subordinated Loan [Member] | Mfh Issue 1 [Member]
Debt Instrument [Line Items]
Principal	$ 27,611
Net Premium and Debt Issuance Costs	2,692
Carrying Value	$ 30,303
Maturity Date	March 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 2 [Member]
Debt Instrument [Line Items]
Principal	$ 25,107
Net Premium and Debt Issuance Costs	2,459
Carrying Value	$ 27,566
Maturity Date	April 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 3 [Member]
Debt Instrument [Line Items]
Principal	$ 14,472
Net Premium and Debt Issuance Costs	1,307
Carrying Value	$ 15,779
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%
Subordinated Loan [Member] | Mfh Issue 4 [Member]
Debt Instrument [Line Items]
Principal	$ 26,314
Net Premium and Debt Issuance Costs	2,376
Carrying Value	$ 28,690
Maturity Date	July 30, 2035
Coupon Interest Rate	3-month LIBOR plus 2.0%
Debt Instrument, Basis Spread on Variable Rate	2.00%

DERIVATIVE INSTRUMENTS (Narrati

DERIVATIVE INSTRUMENTS (Narrative) (Details) $ in Thousands	Dec. 31, 2016USD ($)	Oct. 31, 2016USD ($)contract	Dec. 31, 2015USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 411,550		$ 164,520
Total Return Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	91,050		111,845
Interest rate swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	140,000		7,675
Interest rate swap [Member] | Subsequent Event [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 105,000
Number of Interest Rate Derivatives Held | contract		2
Interest rate cap [Member]
Derivative [Line Items]
Derivative, Notional Amount	80,000		$ 45,000
Basis Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 100,500
Basis Swap [Member] | Subsequent Event [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 70,000
Interest Swap and Rate Cap [Member] | Subsequent Event [Member]
Derivative [Line Items]
Derivative, Notional Amount		$ 70,000

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of the Company’s Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 7,884	$ 3,673
Derivative Liability	379	1,713
Total Return Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	2,327	3,658
Derivative Liability	372	1,023
Basis Swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	176
Derivative Liability	7
Interest rate cap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	1,553	15
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 3,828
Derivative Liability		$ 690

DERIVATIVE INSTRUMENTS (Sched65

DERIVATIVE INSTRUMENTS (Schedule of Derivative Notional Amounts) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 411,550	$ 164,520
Total Return Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	91,050	111,845
Basis Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	100,500
Interest rate cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	80,000	45,000
Interest rate swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 140,000	$ 7,675

DERIVATIVE INSTRUMENTS (Summary

DERIVATIVE INSTRUMENTS (Summary of Derivative Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ 4,983	$ 3,996	$ 4,143
Total Return Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	3,463	4,446	5,147
Payments For Proceeds From Derivative Instrument Operating Activities	4,100	4,000	2,600
Basis Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	161
Derivative, Cost of Hedge Net of Cash Received	10
Payments For Proceeds From Derivative Instrument Operating Activities	10
Basis Swap [Member] | Net gains on derivatives, loans, other assets and extinguishment of liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Cost of Hedge Net of Cash Received	100
Basis Swap [Member] | Other Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Cost of Hedge Net of Cash Received	100
Interest rate cap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	642	(172)	(605)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	3,317	(278)	(399)
Derivative, Cost of Hedge Net of Cash Received	800
Payments For Proceeds From Derivative Instrument Operating Activities	(300)	$ (300)	$ (300)
Interest rate swap [Member] | Net gains on derivatives, loans, other assets and extinguishment of liabilities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Cost of Hedge Net of Cash Received	100
Interest rate swap [Member] | Other Assets [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Cost of Hedge Net of Cash Received	700
Warrant [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax, Total	$ (2,600)

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net unrealized gains (losses) arising during the period	$ 14,553	$ 18,374	$ 18,103
Reversal of net unrealized gains on sold/redeemed bonds	12,017	4,992	11,303
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, before Tax		$ 179	$ 113
Solar Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset Impairment Charges, Total	$ 200
Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	14.50%	20.00%
Subordinated Debt Obligations, Fair Value Disclosure	$ 61,500
Minimum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	12.00%
Subordinated Debt Obligations, Fair Value Disclosure	$ 53,700
Maximum [Member] | Subordinated Debt Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Inputs, Discount Rate	17.00%
Subordinated Debt Obligations, Fair Value Disclosure	$ 71,100

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value of Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets:
Loans held-for-sale	$ 0	$ 6,417
Derivative assets	7,884	3,673
Liabilities:
Derivative liabilities	379	1,713
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans held for investment	1,106	7,687
Fair Value, Measurements, Recurring [Member]
Assets:
Investments in bonds	155,981	218,439
Loans held for investment	3,835
Loans held-for-sale		6,417
Derivative assets	7,884	3,673
Liabilities:
Derivative liabilities	379	1,713
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Assets:
Derivative assets	5,557	15
Liabilities:
Derivative liabilities	7
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Assets:
Investments in bonds	155,981	218,439
Loans held for investment	3,835
Loans held-for-sale		6,417
Derivative assets	2,327	3,658
Liabilities:
Derivative liabilities	$ 372	$ 1,713

FAIR VALUE MEASUREMENTS (Activi

FAIR VALUE MEASUREMENTS (Activity for Assets and Liabilities Measured on Recurring Level 3 Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	$ 218,439	$ 222,899	$ 195,332
Net (losses) gains included in earnings	(4,776)	(5,517)	(6,021)
Net change in other comprehensive income	2,536	13,561	6,913
Impact from purchases	7,217	15,123	18,380
Impact from sales/redemptions	(10,986)	(21,571)	(19,270)
Impact from deconsolidation			47,022
Impact from bonds extinguished due to consolidation or real estate foreclosure	(42,079)		(11,058)
Impact from settlements	(14,370)	(6,056)	(8,399)
Balance at ending period	155,981	218,439	222,899
Loans Receivable [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net (losses) gains included in earnings	(3,391)
Impact from originations	39,233
Impact from sales/redemptions	(34,285)
Transfer from loans HFS to loans HFI	2,278
Balance at ending period	3,835
Loans Held-for-sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	6,417
Impact from originations	4,531	13,373
Impact from sales/redemptions	(8,670)	(6,956)
Transfer from loans HFS to loans HFI	(2,278)
Balance at ending period		6,417
Derivative Assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	3,658	2,539
Net (losses) gains included in earnings	(3,931)	1,418	2,539
Impact from loan originations	2,600
Impact from settlements		(299)
Balance at ending period	2,327	3,658	2,539
Derivative Financial Instruments, Liabilities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning period	(1,713)	(753)	(626)
Net (losses) gains included in earnings	577	(960)	(127)
Impact from settlements	764
Balance at ending period	$ (372)	$ (1,713)	$ (753)

FAIR VALUE MEASUREMENTS (Amount

FAIR VALUE MEASUREMENTS (Amount of Activity Pertaining to Level 3 Assets and Liabilities Included in Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total gains (losses) reported in earnings	$ (3,565)
Available-for-sale Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held			$ (113)
Change in unrealized losses related to assets and liabilities settled during the period		$ (179)
Additional realized gains (losses) recognized	12,217	6,513	12,293
Total gains (losses) reported in earnings	12,217	6,334	12,180
Equity Method Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held	(4,240)	(6,093)	(5,908)
Change in unrealized losses related to assets and liabilities settled during the period	(536)	755
Total gains (losses) reported in earnings	(4,776)	(5,338)	(5,908)
Loans Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Additional realized gains (losses) recognized	(3,391)
Total gains (losses) reported in earnings	(3,391)
Derivative Asset / Liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in unrealized (losses) gains related to assets and liabilities still held	(3,354)	458	2,412
Additional realized gains (losses) recognized	3,805	3,710	2,336
Total gains (losses) reported in earnings	$ 451	$ 4,168	$ 4,748

FAIR VALUE MEASUREMENTS (Fair71

FAIR VALUE MEASUREMENTS (Fair Value Measurements By Level 3 Valuation Technique) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Net Derivative Asset (Liability)	$ (372)	$ (983)
Market yield	7.20%	8.70%
Capitalization rate	8.50%	7.50%
NOI annual growth rate	2.50%	2.90%
Interest Rate Contract [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Net Derivative Asset (Liability)		$ (690)
Market yield		26.20%
Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 93,082	$ 84,203
Market yield		5.60%
Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment B [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 20,226
Market yield		8.40%
Capitalization rate		7.20%
NOI annual growth rate		1.00%
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 7,015	$ 20,435
Market yield	8.10%	7.70%
Capitalization rate	6.90%	6.30%
NOI annual growth rate	(0.90%)	0.90%
Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds with Early Redemption [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 22,898
Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 9,930	$ 8,847
Market yield		7.90%
Capitalization rate		6.50%
NOI annual growth rate		0.40%
Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	25,145	$ 9,381
Market yield		8.50%
Available-for-sale, Infrastructure Bonds Segment B [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 17,475
Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	20,809	34,974
Loans Held for Investment [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 3,835
Market yield	19.20%
Loans Held-for-sale [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value		$ 6,417
Market yield		13.50%
Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value, Net Derivative Asset (Liability)	$ 2,327	$ 3,618
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.30%
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		4.60%
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment B [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		8.20%
Capitalization rate		7.00%
NOI annual growth rate		0.40%
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		7.50%
Capitalization rate		6.20%
NOI annual growth rate		0.50%
Minimum [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.30%	7.80%
Capitalization rate	6.00%	6.40%
NOI annual growth rate	0.40%	0.00%
Minimum [Member] | Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.30%
Minimum [Member] | Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	3.70%
Minimum [Member] | Loans Held-for-sale [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		10.00%
Minimum [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	3.90%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.70%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		7.10%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment B [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		8.70%
Capitalization rate		7.50%
NOI annual growth rate		1.40%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		7.90%
Capitalization rate		6.50%
NOI annual growth rate		1.20%
Maximum [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.40%	7.90%
Capitalization rate	6.40%	6.60%
NOI annual growth rate	0.80%	0.60%
Maximum [Member] | Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	9.00%
Maximum [Member] | Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.50%
Maximum [Member] | Loans Held-for-sale [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield		15.00%
Maximum [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.50%
Weighted Average [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.20%
Capitalization rate	8.50%
NOI annual growth rate	2.50%
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt , Performing Bonds Segment A [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.00%
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt , Non-performing Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	8.10%
Capitalization rate	6.90%
NOI annual growth rate	(0.90%)
Weighted Average [Member] | Available-for-sale, Multifamily Tax-exempt, Subordinated Cash Flow Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	7.40%
Capitalization rate	6.20%
NOI annual growth rate	0.50%
Weighted Average [Member] | Available-for-sale, Infrastructure Bonds [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	8.00%
Weighted Average [Member] | Other Debt Obligations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	4.60%
Weighted Average [Member] | Loans Held for Investment [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	19.20%
Weighted Average [Member] | Total Return Swap [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yield	5.00%

FAIR VALUE MEASUREMENTS (Carryi

FAIR VALUE MEASUREMENTS (Carrying Amounts and Fair Values of Financial Instruments ) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Liabilities:
Guarantor Obligations, Unamortized Fees	$ 8,600	$ 10,800
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	45,525	21,843
Restricted cash	33,920	17,041
Fair Value, Inputs, Level 1 [Member] | Consolidated Funds and Ventures [Member]
Assets:
Restricted cash	23,584	22,992
Fair Value, Inputs, Level 3 [Member]
Assets:
Loans held for investment	1,106	7,687
Liabilities:
Guarantee obligations	12,616	15,557
Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member]
Assets:
Loans held for investment	488	213
Fair Value, Inputs, Level 3 [Member] | TC Fund I [Member]
Assets:
Asset management fee receivable	2,947
Guarantee fee receivable	1,348	4,227
Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Notes payable and other debt	82,118	89,405
Non Bond Related Debt [Member] | Fair Value, Inputs, Level 3 [Member]
Liabilities:
Notes payable and other debt	18,817	10,717
Debt Related To Consolidated Funds and Ventures [Member] | Fair Value, Inputs, Level 3 [Member] | Consolidated Funds and Ventures [Member]
Liabilities:
Notes payable and other debt	5,956	3,171
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFH [Member]
Liabilities:
Subordinated debt	41,327	29,518
Subordinated Loan [Member] | Fair Value, Inputs, Level 3 [Member] | MFI [Member]
Liabilities:
Subordinated debt	20,139	15,579
Reported Value Measurement [Member]
Assets:
Cash and cash equivalents	45,525	21,843
Restricted cash	33,920	17,041
Loans held for investment	974	7,928
Liabilities:
Guarantee obligations	4,003	4,758
Reported Value Measurement [Member] | Consolidated Funds and Ventures [Member]
Assets:
Restricted cash	23,584	22,992
Loans held for investment	65	65
Reported Value Measurement [Member] | TC Fund I [Member]
Assets:
Guarantee fee receivable	1,348	4,227
Reported Value Measurement [Member] | Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	82,029	89,268
Reported Value Measurement [Member] | Non Bond Related Debt [Member]
Liabilities:
Notes payable and other debt	18,817	10,690
Reported Value Measurement [Member] | Debt Related To Consolidated Funds and Ventures [Member] | Consolidated Funds and Ventures [Member]
Liabilities:
Notes payable and other debt	13,029	9,883
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFH [Member]
Liabilities:
Subordinated debt	102,338	104,736
Reported Value Measurement [Member] | Subordinated Loan [Member] | MFI [Member]
Liabilities:
Subordinated debt	$ 26,858	$ 27,518

GUARANTEES AND COLLATERAL (Narr

GUARANTEES AND COLLATERAL (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2016	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)entity	Dec. 31, 2016USD ($)agreement	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guaranteed Funds | agreement					13
Guarantor Obligations, Unamortized Fees			$ 8,600	$ 8,600	$ 8,600	$ 8,600	$ 10,800
Guaranteed Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guaranteed Funds				11	11
Guarantor Obligations, Reserves			14,500	$ 14,500	$ 14,500	14,500	13,000
Guarantor Obligations, Payment		$ 900
Guarantor Obligations, Unamortized Fees			8,600	8,600	8,600	8,600	10,800
Guarantor Obligations, Collateral Pledged			15,600	15,600	15,600	15,600	16,400
Maximum Exposure			392,518	392,518	392,518	392,518	490,843
Carrying Amount			186	186	186	186	451
Ownership percentage	0.01%
TC Fund I [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Guarantor Obligations, Unamortized Fees			$ 3,800	3,800	3,800	$ 3,800	$ 4,200
Guarantor Obligations, Collateral Held Directly or by Third Parties			$ 10				$ 10
Guarantor Obligations, Liquidation Proceeds, Percentage						70.00%
Percentage in excess of projected tax credits						95.00%
Guarantor Obligations, Bank Loss Absorption Rate, Percentage						5.00%
Maximum Exposure			$ 109,587	109,587	109,587	$ 109,587	$ 109,599
Carrying Amount			$ 3,805	$ 3,805	$ 3,805	$ 3,805	$ 4,227

GUARANTEES AND COLLATERAL (Summ

GUARANTEES AND COLLATERAL (Summary of Guarantees) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Guaranteed Funds [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	$ 392,518	$ 490,843
Carrying Amount	186	451
Eleven Guaranteed Funds [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	388,400	482,700
TC Fund I [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	109,587	109,599
Carrying Amount	3,805	4,227
Lower Tier Property Partnerships [Member]
Guarantor Obligations [Line Items]
Maximum Exposure	536	1,223
Carrying Amount	$ 12	$ 80

GUARANTEES AND COLLATERAL (Coll

GUARANTEES AND COLLATERAL (Collateral and Restricted Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	$ 57,504	$ 40,033
Bonds Available-for-Sale	135,614	174,961
Investments in partnerships	137,773	177,786
Other Assets	44,551	25,251
Total Assets Pledged	375,442	418,031
Debt and derivatives TRSs [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	13,928	4,697
Bonds Available-for-Sale	129,746	160,876
Total Assets Pledged	143,674	165,573
Other, Pledged or Restricted [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	19,992	12,344
Bonds Available-for-Sale	5,868	14,085
Other Assets		6,417
Total Assets Pledged	25,860	32,846
Consolidated Funds and Ventures [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Restricted cash	23,584	22,992
Investments in partnerships	137,773	177,786
Other Assets	44,551	18,834
Total Assets Pledged	$ 205,908	$ 219,612

COMMITMENTS AND CONTINGENCIES76

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Rent Expense, Net	$ 0.2	$ 0.5	$ 0.5

COMMITMENTS AND CONTINGENCIES77

COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Commitments) (Details) $ in Thousands	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 282
2,018	292
2,019	308
2,020	182
2,021	129
Thereafter	304
Total minimum future rental commitments	$ 1,497

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - $ / shares	2 Months Ended	12 Months Ended
	Mar. 08, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		580,000
Treasury Stock To Be Acquired Maximum Costs Per Share		$ 23.86
Held By Third Party		4.90%
Stock Repurchase Program [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchased During Period, Shares	86,600
Treasury Stock Acquired, Average Cost Per Share	$ 20.05
International Housing Solutions (IHS) [Member]
Class of Stock [Line Items]
Ownership percentage		60.00%
IHS PM [Member]
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		40.00%
Ownership percentage		60.00%
Maximum [Member]
Class of Stock [Line Items]
Ownership percentage		1.00%

EQUITY (Summary of Net Income t

EQUITY (Summary of Net Income to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Net income (loss) from continuing operations									$ 40,820	$ 18,399	$ 610
Net income from discontinued operations									1,532	327	18,188
Net income to common shareholders	$ 16,442	$ 4,175	$ 5,130	$ 16,605	$ 7,689	$ 3,584	$ 7,291	$ 162	$ 42,352	$ 18,726	$ 18,798
Basic weighted-average shares	6,034,000	6,174,000	6,289,000	6,523,000	6,617,000	6,746,000	6,955,000	7,213,000	6,254,000	6,881,000	7,647,000
Common stock equivalents									374,000
Diluted weighted-average shares	6,408,000	6,549,000	6,289,000	6,882,000	6,617,000	7,091,000	6,955,000	7,213,000	6,628,000	6,881,000	7,647,000
Common Stock Equivalents Employee Options	410,000				410,000				410,000	410,000	410,000
Incremental Common Shares Attributable to Call Options and Warrants									372,194	339,689	291,805
Unvested Employee Deferred Shares									9,468	9,468	41,667
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends									2,044	12,348	20,834
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount									1,663	24,211	60,211

EQUITY (Noncontrolling Interest

EQUITY (Noncontrolling Interests) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Minority Interest	$ 134,999	$ 180,051
L I H T C Funds [Member]
Noncontrolling Interest [Line Items]
Minority Interest	128,734	176,070
Consolidated Property Partnerships [Member]
Noncontrolling Interest [Line Items]
Minority Interest	6,220	3,950
IHS PM [Member]
Noncontrolling Interest [Line Items]
Minority Interest	$ 45	$ 31

EQUITY (Schedule of Accumulated

EQUITY (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Unrealized net gains (losses)		$ 15,893	$ 17,760
Reversal of net unrealized gains on sold or redeemed bonds	$ (12,017)	(4,992)	(11,303)
Reclassification of unrealized losses to operations due to impairment			113
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs			13,975
Reversal of unrealized gains from AOCI to Net Income due to consolidation and foreclosure	(25,860)		(2,003)
Other	25,860	179	(80)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning Balance	61,209	50,129	31,667
Net change in AOCI	(23,391)	11,104	5,250
Other Comprehensive Income, Other, Net of Tax	14,486
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	12,017	4,992
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(23,391)	11,080	18,462
Ending Balance	37,818	61,209	50,129
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	64,322	50,761	31,876
Unrealized net gains (losses)	14,553	18,374	18,103
Reversal of net unrealized gains on sold or redeemed bonds	(12,017)	(4,992)	(11,303)
Reclassification of unrealized losses to operations due to impairment		179	113
Reclassification of unrealized gains due to deconsolidation of Consolidated LTPPs			13,975
Reversal of unrealized gains from AOCI to Net Income due to consolidation and foreclosure	(25,860)		(2,003)
Ending Balance	40,998	64,322	50,761
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net change AOCI, before tax	(23,324)	13,561	18,885
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Abstract]
Beginning Balance	(3,113)	(632)	(209)
Unrealized net gains (losses)	(67)	(2,481)	(343)
Other			(80)
Ending Balance	(3,180)	(3,113)	(632)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Net change AOCI, before tax	$ (67)	$ (2,481)	$ (423)

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	381,345
Additional Stock based Compensation	$ 1,900,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	410,000	416,211	412,100
Employee Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	17,205
Additional Stock based Compensation	$ 18,741
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	1,130,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares
Non-Employee Share Based Compensation Arrangement by Share Based Payment Award, Number Of Shares Available To Be Issued	416,177
Rate Of Cash Based Compensation	50.00%
Additional Stock based Compensation	$ 60,000
Board Of Directors Chairman [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	20,000
Audit Committee Chair [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	15,000
Other Committee Chairs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional Stock based Compensation	$ 10,000

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 2,228	$ 2,447	$ 1,962
Employees’ Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	1,903	2,152	1,725
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Compensation expense	$ 325	$ 295	$ 237

STOCK-BASED COMPENSATION (Sum84

STOCK-BASED COMPENSATION (Summary of Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-Based Compensation [Abstract]
Number of Options Outstanding at beginning of period	416	416
Number of Options Forfeited/Expired	(6)
Number of Options Outstanding at end of period	410	416	416
Number of options that were exercisable	410	398
Weighted average Exercise Price per Option Outstanding at beginning of period	$ 3.52	$ 3.52
Weighted average Exercise Price per Option, Forfeited/Expired	132.50
Weighted average Exercise Price per Option Outstanding at end of period	1.56	3.52	$ 3.52
Weighted average Exercise Price per Option Exercisable	$ 1.56	$ 3.60
Weighted Average Remaining Contractual Life per Option (in years) Outstanding	4 years 4 months 24 days	5 years 3 months 18 days	6 years 3 months 18 days
Weighted average Remaining Contractual Life per Option (in years) Exercisable	4 years 4 months 24 days	5 years 3 months 18 days
Aggregate Intrinsic Value	$ 7,149	$ 5,283	$ 3,196
Period End Liability	$ 7,166	$ 5,282	$ 3,281

STOCK-BASED COMPENSATION (Sched

STOCK-BASED COMPENSATION (Schedule of Employee Deferred Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Period End Liability	$ 7,166	$ 5,282	$ 3,281
Employee Deferred Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance	10
Issued	(10)
Ending Balance		10
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance	$ 4.40
Issued	$ 4.40
Ending Balance		$ 4.40
Period End Liability		$ 126

STOCK-BASED COMPENSATION (Sum86

STOCK-BASED COMPENSATION (Summary of Nonemployee Director Stock Award Activity) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Goods and Nonemployee Services Transaction [Line Items]
Cash	$ 4,826,000	$ 4,288,000	$ 3,919,000	$ 4,080,000	$ 4,318,000	$ 4,232,000	$ 3,911,000	$ 3,272,000	$ 17,113,000	$ 15,733,000	$ 12,708,000
Non-employee Directors’ Stock-Based Compensation Plans [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Cash									$ 162,500	$ 147,500	$ 118,750
Weighted - average Grant Date Share Price									$ 17.31	$ 11.85	$ 8.27
Options Vested
Directors' Fees Expense									$ 325,000	$ 295,000	$ 237,500
Non-employee Directors’ Stock-Based Compensation Plans [Member] | Common Shares [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted										4,779	8,462
Non-employee Directors’ Stock-Based Compensation Plans [Member] | Restricted Stock [Member]
Share-based Goods and Nonemployee Services Transaction [Line Items]
Granted									9,387	7,670	5,904

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 203,794	$ 203,202	$ 211,800
Accrued Income Taxes, Current	300
Income Taxes Receivable		300
Operating Loss Carryforwards	400,900	436,900
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	800	800	800
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 400	$ 400	$ 300

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Federal income tax benefit, Current
Federal income tax benefit, Deferred
State income tax (expense) benefit, Current									(379)	(263)	(242)
State income tax (expense) benefit, Deferred
Foreign income tax (expense) benefit, Current									(300)
Foreign income tax (expense) benefit, Deferred
Income tax (expense) benefit	$ (530)	$ (43)	$ (34)	$ (72)	$ 15	$ (146)	$ (61)	$ (71)	$ (679)	$ (263)	$ (242)

INCOME TAXES (Schedule of Effec

INCOME TAXES (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Loss from continuing operations before income taxes									$ (5,112)	$ (36,321)	$ (99,364)
Income tax benefit at federal statutory rate (35%)									1,789	12,712	34,778
Impact on taxes from entities not subject to tax									(17,518)	(22,214)	(41,280)
State income taxes, net of federal tax effect									487	(2,065)	(2,308)
Foreign losses									(116)	(231)	(1,086)
Impact from other comprehensive income									9,052	309	2,562
Tax-exempt interest, net									319	769	1,140
State net operating loss adjustment									6,620	1,490	103
Other									(184)	484	178
Net decrease in the valuation allowance									(1,128)	8,483	5,671
Income tax (expense) benefit	$ (530)	$ (43)	$ (34)	$ (72)	$ 15	$ (146)	$ (61)	$ (71)	$ (679)	$ (263)	$ (242)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent									35.00%	35.00%	35.00%

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Net operating loss, tax credits and other tax carryforwards	$ 179,404	$ 184,527
Guaranteed fees	4,984	6,031
Asset management fees	7,719	7,323
Cancellation of subordinated debt	5,394	5,545
Other	6,293	(224)
Total deferred tax assets	203,794	203,202
Less: valuation allowance	(203,794)	(203,202)	$ (211,800)
Total deferred tax assets, net

INCOME TAXES (Schedule of Def91

INCOME TAXES (Schedule of Deferred Tax Asset Valuation Allowance Roll Forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Taxes [Abstract]
Beginning Balance	$ 203,202	$ 211,800
Net reductions due to discontinued operations	(536)	(115)
Net reductions due to continuing operations	1,128	(8,483)
Ending Balance	$ 203,794	$ 203,202

INCOME TAXES (Schedule of Unrec

INCOME TAXES (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Abstract]
Beginning Balance	$ 1,984	$ 1,466	$ 1,142
Net increases (reductions) for tax positions of prior years	42	42	42
Net increases due to tax positions that only affect timing	524	476	282
Ending Balance	$ 2,550	$ 1,984	$ 1,466

DISCONTINUED OPERATIONS (Schedu

DISCONTINUED OPERATIONS (Schedule of Discontinued Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income									$ 333	$ 333	$ 333
Other expense									(3)	(6)	(70)
Net income (loss) before disposal activity									330	327	335
Net gains on disposal									1,202		17,683
Net income from discontinued operations	$ 81	$ 1,285	$ 83	$ 83	$ 83	$ 83	$ 83	$ 78	1,532	327	18,038
Loss from discontinued operations allocable to noncontrolling interests											150
Net income to common shareholders from discontinued operations									$ 1,532	$ 327	18,188
Consolidated Funds and Ventures [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income											279
Expenses											(243)
Net gains on disposal											20
Real Estate Owned [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income											1,148
Expenses											$ (1,112)

CONSOLIDATED FUNDS AND VENTUR94

CONSOLIDATED FUNDS AND VENTURES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Depreciation					$ 1,000	$ 100	$ 4,800
Reclassification from real estate held for use to real estate held for sale				$ 3,700
Proceeds from sale of a subsidiary company					$ 4,188
Face Amount Not Equal to Carrying Value [Member]
Debt, Weighted Average Interest Rate and Cost	4.00%				4.00%
Lower Tier Property Partnerships Real Estate Held For Use [Member]
Bond Investment in Lower Tier Property Partnerships	$ 87,600				$ 87,600	126,400
Lower Tier Property Partnerships Real Estate Held For Use, Acquired Q22016 [Member]
Business Combination, Consideration Transferred			$ 100
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest			1.00%
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value			$ 1,900
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			$ 4,200
Affordable multifamily Property [Member]
Business Combination, Consideration Transferred	$ 300	$ 100
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	0.01%	0.01%
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	$ 300	$ 900			300
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	10,200
L I H T C Funds [Member]
Real Estate Held-For-Sale	$ 145				$ 145
L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member]
Debt, Weighted Average Interest Rate and Cost	5.75%				5.75%
L I H T C Funds [Member] | Face Amount Not Equal to Carrying Value [Member]
Portion of Debt Carrying Value	$ 6,300				$ 6,300	$ 3,200
Related Face Amount to Carrying Value					$ 5,400
Consolidated Property Partnershps [Member]
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest					99.89%
Proceeds from sale of a subsidiary company	2,600
Consolidated Property Partnershps [Member] | Face Amount Not Equal to Carrying Value [Member]
Debt, Weighted Average Interest Rate and Cost						4.30%
Related Face Amount to Carrying Value						$ 2,800
Eleven Guaranteed Funds [Member]
Guarantor Obligations, Maximum Exposure, Undiscounted	388,400				$ 388,400	482,700
Consolidated Funds and Ventures [Member] | L I H T C Funds [Member] | Face Amount Equal to Carrying Value [Member]
Portion of Debt Carrying Value	$ 6,700				$ 6,700	$ 6,700
Building [Member]
Property, Plant and Equipment, Useful Life					40 years
Minimum [Member] | Consolidated Property Partnershps [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					0.01%
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life					6 years
Maximum [Member] | Consolidated Property Partnershps [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest					1.00%
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life					7 years

CONSOLIDATED FUNDS AND VENTUR95

CONSOLIDATED FUNDS AND VENTURES (Asset Summary for Consolidated Funds) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Investments in Lower Tier Property Partnerships	$ 244,191	$ 260,441
Other assets	70,998	58,315
Total assets	574,199	599,071
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	23,584	22,992
Investments in Lower Tier Property Partnerships	137,773	177,786
Real estate held for use, net	36,942	9,821
Real estate held-for-sale, net	145
Other assets	7,464	9,013
Total assets	205,908	219,612
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Real estate held for use, net	$ 36,942	$ 9,821

CONSOLIDATED FUNDS AND VENTUR96

CONSOLIDATED FUNDS AND VENTURES (Assets and Liabilities of LTPPs) (Details) - Lower Tier Property Partnerships Real Estate Held For Use [Member] - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Total assets of Lower Tier Property Partnerships	$ 1,124,274	$ 1,216,319
Total liabilities of Lower Tier Property Partnerships	$ 937,335	$ 1,008,835

CONSOLIDATED FUNDS AND VENTUR97

CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-use of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
L I H T C Funds [Member]
Investment [Line Items]
Real estate held for use, net	$ 36,942	$ 9,821
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Real estate held for use, net	36,942	9,821
Consolidated Funds and Ventures [Member] | Building, Furniture and Fixtures [Member]
Investment [Line Items]
Real estate held for use, gross	33,281	8,696
Accumulated depreciation	(1,085)	(89)
Consolidated Funds and Ventures [Member] | Land [Member]
Investment [Line Items]
Real estate held for use, gross	$ 4,746	$ 1,214

CONSOLIDATED FUNDS AND VENTUR98

CONSOLIDATED FUNDS AND VENTURES (Real Estate Held-for-sale of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Other assets	$ 70,998	$ 58,315
L I H T C Funds [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	23,584	22,992
Property, Plant and Equipment, Net	36,942	9,821
Other assets	7,464	9,013
Real estate held-for-sale, net	145
Lower Tier Property Partnerships Real Estate Held For Sale [Member]
Investment [Line Items]
Cash, cash equivalents and restricted cash	145
Real estate held-for-sale, net	145
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Property, Plant and Equipment, Net	$ 36,942	$ 9,821

CONSOLIDATED FUNDS AND VENTUR99

CONSOLIDATED FUNDS AND VENTURES (Liabilities of Consolidated LIHTC Funds) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Debt	$ 243,071				$ 242,095				$ 243,071	$ 242,095
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,103				8,203				8,103	8,203
Other liabilities	54,881				47,551				54,881	47,551
Total liabilities	313,876				302,850				313,876	302,850
Net loss	7,643	$ (8,924)	$ (7,126)	$ 4,148	(5,042)	$ (10,196)	$ (6,877)	$ (14,142)	(4,259)	(36,257)	$ (81,568)
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Debt	13,029				9,883				13,029	9,883
Unfunded equity commitments to unconsolidated Lower Tier Property Partnerships	8,103				8,203				8,103	8,203
Asset management fee payable	28,373				24,828				28,373	24,828
Other liabilities	4,209				3,405				4,209	3,405
Total liabilities	$ 53,714				$ 46,319				53,714	46,319
Consolidated Funds and Ventures [Member] | L I H T C Funds [Member]
Investment [Line Items]
Net loss									$ (24,687)	$ (33,063)	$ (42,785)

CONSOLIDATED FUNDS AND VENTU100

CONSOLIDATED FUNDS AND VENTURES (Information Pertaining to Income Statement of CFVs) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue:
Total revenue from CFVs	$ 1,258	$ 1,163	$ 726	$ 819	$ 579	$ 209	$ 133	$ 67	$ 3,966	$ 988	$ 16,494
Expenses:
Interest expense	478	585	552	549	730	623	511	474	2,164	2,338	3,120
Total expenses from CFVs	17,529	17,556	16,403	15,673	19,437	20,126	18,009	17,898	67,161	75,470	129,220
Net gains (losses) related to CFVs:
Net losses due to deconsolidation of CFVs											(23,867)
Equity in losses from Lower Tier Property Partnerships of CFVs									(8,382)	(21,354)	(25,992)
Net loss	$ 7,643	$ (8,924)	$ (7,126)	$ 4,148	$ (5,042)	$ (10,196)	$ (6,877)	$ (14,142)	(4,259)	(36,257)	(81,568)
Consolidated Funds and Ventures [Member]
Revenue:
Rental and other income from real estate									2,912	102	10,210
Interest and other income									1,054	886	6,284
Total revenue from CFVs									3,966	988	16,494
Expenses:
Depreciation and amortization									3,196	2,296	7,012
Interest expense									573	384	3,087
Other operating expenses									7,355	5,194	48,328
Foreign currency loss											5,030
Asset impairments									25,113	29,923	26,978
Total expenses from CFVs									36,237	37,797	90,435
Net gains (losses) related to CFVs:
Investment (loss) gains									(451)	853	13,121
Net gains (losses) on assets and derivatives											2,244
Net losses due to deconsolidation of CFVs											(23,867)
Net loss on sale of properties											(138)
Equity in losses from Lower Tier Property Partnerships of CFVs									(17,254)	(22,219)	(32,730)
Net loss									(49,976)	(58,175)	(115,311)
Net losses allocable to noncontrolling interests in CFVs									46,686	55,014	100,140
Net (loss) income allocable to the common shareholders related to CFVs									(3,290)	(3,161)	(15,171)
IHS PM [Member]
Net gains (losses) related to CFVs:
Net losses allocable to noncontrolling interests in CFVs									75	31
International Housing Solutions (IHS) [Member]
Net gains (losses) related to CFVs:
Net losses allocable to noncontrolling interests in CFVs											76
Consolidated Funds and Ventures [Member]
Net gains (losses) related to CFVs:
Net losses due to deconsolidation of CFVs											(15,450)
Net (loss) income allocable to the common shareholders related to CFVs									$ (3,290)	$ (3,161)	$ (15,171)

CONSOLIDATED FUNDS AND VENTU101

CONSOLIDATED FUNDS AND VENTURES (Net (Loss) Income Related to CFVs Allocable to Common Shareholders) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Asset management fees and reimbursements	$ 2,324	$ 2,383	$ 2,261	$ 1,892	$ 1,887	$ 1,924	$ 1,575	$ 1,421	$ 8,860	$ 6,807	$ 3,580
Interest income	3,282	4,425	3,591	3,691	3,449	3,694	4,084	4,767	14,989	15,994	19,088
Equity in income (losses)									(8,382)	(21,354)	(25,992)
Other expense	$ 467	$ (3)	$ 735	$ 48	$ 3,361	$ 2,267	$ 1,722	$ 107	1,247	7,457	3,482
Net gain due to consolidation of CFVs											(23,867)
Net losses due to deconsolidation of CFVs											(23,867)
Consolidated Funds and Ventures [Member]
Investment [Line Items]
Asset management fees and reimbursements											4,103
Guarantee fees									1,238	1,324	1,324
Interest income									502		1,526
Other expense									(598)		(1,105)
Net gain due to consolidation of CFVs										853
Net losses due to deconsolidation of CFVs											(15,450)
Net (loss) income allocable to the common shareholders related to CFVs									(3,290)	(3,161)	(15,171)
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Investment [Line Items]
Equity in income (losses)									(4,776)	$ (5,338)	(5,912)
Consolidated Funds and Ventures [Member] | SAWHF [Member]
Investment [Line Items]
Equity in income (losses)											$ 343
Consolidated Funds and Ventures [Member] | Consolidated Property Partnerships [Member]
Investment [Line Items]
Equity in income (losses)									$ 344

SEGMENT INFORMATION (Narrative)

SEGMENT INFORMATION (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Interest Income, Operating	$ 3,282	$ 4,425	$ 3,591	$ 3,691	$ 3,449	$ 3,694	$ 4,084	$ 4,767	$ 14,989	$ 15,994	$ 19,088
Investment Advisory, Management and Administrative Fees	$ 2,324	$ 2,383	$ 2,261	$ 1,892	$ 1,887	$ 1,924	$ 1,575	$ 1,421	$ 8,860	6,807	3,580
Equity in (losses) income from Lower Tier Property Partnerships in CFVs										$ (22,219)	$ (32,730)
SAWHF [Member]
Segment Reporting Information [Line Items]
Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest											2.70%
L I H T C Funds [Member]
Segment Reporting Information [Line Items]
Investment Advisory, Management and Administrative Fees											$ 1,600
Guaranty Fee Income											1,300
Ihs [Member]
Segment Reporting Information [Line Items]
Investment Advisory, Management and Administrative Fees											$ 2,500

SEGMENT INFORMATION (Schedule o

SEGMENT INFORMATION (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total interest income	$ 3,282	$ 4,425	$ 3,591	$ 3,691	$ 3,449	$ 3,694	$ 4,084	$ 4,767	$ 14,989	$ 15,994	$ 19,088
Total interest expense	(478)	(585)	(552)	(549)	(730)	(623)	(511)	(474)	(2,164)	(2,338)	(3,120)
Net interest income	2,804	3,840	3,039	3,142	2,719	3,071	3,573	4,293	12,825	13,656	15,968
Total fee and other income									11,828	13,677	10,656
Revenue from CFVs	1,258	1,163	726	819	579	209	133	67	3,966	988	16,494
Total non-interest revenue	3,840	4,655	3,941	3,358	3,213	4,115	3,829	3,508	15,794	14,665	27,150
Total revenues, net of interest expense	6,644	8,495	6,980	6,500	5,932	7,186	7,402	7,801	28,619	28,321	43,118
Operating and other expenses:
Interest expense	(1,198)	(1,121)	(1,075)	(1,042)	(1,089)	(1,300)	(1,708)	(3,196)	(4,436)	(7,293)	(13,776)
Operating expenses									(25,241)	(22,923)	(21,527)
Other expenses, net	(467)	3	(735)	(48)	(3,361)	(2,267)	(1,722)	(107)	(1,247)	(7,457)	(3,482)
Expenses from CFVs	(8,790)	(10,065)	(9,014)	(8,368)	(8,577)	(10,890)	(9,014)	(9,316)	(36,237)	(37,797)	(90,435)
Total operating and other expenses	(17,529)	(17,556)	(16,403)	(15,673)	(19,437)	(20,126)	(18,009)	(17,898)	(67,161)	(75,470)	(129,220)
Net gains on assets, derivatives and extinguishment of liabilities									16,403	31,329	19,367
Net gains transferred into net income from AOCI due to real estate foreclosure	10,213		4,205	11,442					25,860		2,003
Equity in (losses) income from unconsolidated funds and ventures									(8,382)	(21,354)	(25,992)
Net gains related to CFVs	147		(598)		853				(451)	853	15,227
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs										(22,219)	(32,730)
Net losses due to deconsolidation of CFVs											(23,867)
Income (loss) from continuing operations before income taxes	8,092	(10,166)	(7,175)	4,137	(5,140)	(10,133)	(6,899)	(14,149)	(5,112)	(36,321)	(99,364)
Income tax expense	(530)	(43)	(34)	(72)	15	(146)	(61)	(71)	(679)	(263)	(242)
Income (loss) from discontinued operations, net of tax	81	1,285	83	83	83	83	83	78	1,532	327	18,038
Net loss	7,643	(8,924)	(7,126)	4,148	(5,042)	(10,196)	(6,877)	(14,142)	(4,259)	(36,257)	(81,568)
Net losses allocable to noncontrolling interests in CFVs:					12,731	13,780	14,168	14,304	(46,611)	(54,983)	(100,366)
Net income (loss) to common shareholders	16,442	4,175	5,130	16,605	7,689	3,584	7,291	162	42,352	18,726	18,798
Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	807	1,478	2,126	4,461	491	281	20	73	8,872	865	6,738
Lower Tier Property Partnerships [Member]
Operating and other expenses:
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs									(17,254)
Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Revenue from CFVs									3,966	988	16,494
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures	(1,638)	(4,993)	(4,937)	(5,686)	$ (5,953)	$ (3,919)	$ (6,654)	$ (5,693)	(17,254)	(22,219)	(32,730)
Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:	$ 8,799	$ 13,099	$ 12,256	$ 12,457					46,611	54,983	100,216
Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:											150
U.S. Operations [Member]
Segment Reporting Information [Line Items]
Total interest income									15,255	15,844	20,542
Total interest expense									(1,870)	(1,820)	(2,414)
Net interest income									13,385	14,024	18,128
Total fee and other income									6,293	8,834	10,497
Revenue from CFVs									3,966	988	16,494
Total non-interest revenue									10,259	9,822	26,991
Total revenues, net of interest expense									23,644	23,846	45,119
Operating and other expenses:
Interest expense									(125)	(1,158)	(2,707)
Operating expenses									(9,736)	(7,957)	(6,919)
Other expenses, net									(2,568)	(1,656)	(4,151)
Expenses from CFVs									(37,723)	(39,121)	(81,176)
Total operating and other expenses									(50,152)	(49,892)	(94,953)
Net gains on assets, derivatives and extinguishment of liabilities									16,416	27,154	18,247
Net gains transferred into net income from AOCI due to real estate foreclosure									25,860		2,003
Net gains related to CFVs									(451)	853	15,227
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs										(22,219)	(32,730)
Net losses due to deconsolidation of CFVs											(39,317)
Income (loss) from continuing operations before income taxes									7,774	(19,356)	(79,904)
Income tax expense										(29)
Income (loss) from discontinued operations, net of tax									1,532	327	18,038
Net loss									9,306	(19,058)	(61,866)
Net income (loss) to common shareholders									55,992	35,956	38,424
U.S. Operations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures									9,711	902	6,500
U.S. Operations [Member] | Lower Tier Property Partnerships [Member]
Operating and other expenses:
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs									(17,254)
U.S. Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:									46,686	55,014	100,140
U.S. Operations [Member] | Discontinued Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:											150
International Operations [Member]
Segment Reporting Information [Line Items]
Total interest income									132	68	53
Net interest income									132	68	53
Total fee and other income									6,770	5,679	5,554
Total non-interest revenue									6,770	5,679	5,554
Total revenues, net of interest expense									6,902	5,747	5,607
Operating and other expenses:
Interest expense									(2)	(96)	(144)
Operating expenses									(8,993)	(8,974)	(8,356)
Other expenses, net									836	(4,655)	(194)
Total operating and other expenses									(8,159)	(13,725)	(8,694)
Net gains on assets, derivatives and extinguishment of liabilities									1	4,175
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs											343
Income (loss) from continuing operations before income taxes									(1,751)	(3,840)	(2,506)
Income tax expense									(300)
Net loss									(2,051)	(3,840)	(2,506)
Net income (loss) to common shareholders									(2,126)	(3,871)	(2,430)
International Operations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures									(495)	(37)	238
International Operations [Member] | Continuing Operations [Member]
Operating and other expenses:
Net losses allocable to noncontrolling interests in CFVs:									(75)	(31)	76
Corporate Operations [Member]
Segment Reporting Information [Line Items]
Total interest income									104	82	19
Total interest expense									(294)	(518)	(706)
Net interest income									(190)	(436)	(687)
Total fee and other income									3	488	32
Total non-interest revenue									3	488	32
Total revenues, net of interest expense									(187)	52	(655)
Operating and other expenses:
Interest expense									(4,309)	(6,039)	(10,925)
Operating expenses									(6,512)	(5,992)	(6,252)
Other expenses, net									(113)	(1,146)	(242)
Total operating and other expenses									(10,934)	(13,177)	(17,419)
Net gains on assets, derivatives and extinguishment of liabilities									(14)		1,120
Income (loss) from continuing operations before income taxes									(11,135)	(13,125)	(16,954)
Income tax expense									(379)	(234)	(242)
Net loss									(11,514)	(13,359)	(17,196)
Net income (loss) to common shareholders									(11,514)	(13,359)	(17,196)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total interest income									(502)		(1,526)
Net interest income									(502)		(1,526)
Total fee and other income									(1,238)	(1,324)	(5,427)
Total non-interest revenue									(1,238)	(1,324)	(5,427)
Total revenues, net of interest expense									(1,740)	(1,324)	(6,953)
Operating and other expenses:
Other expenses, net									598		1,105
Expenses from CFVs									1,486	1,324	(9,259)
Total operating and other expenses									2,084	1,324	(8,154)
Equity in (losses) gains from Lower Tier Property Partnerships of CFVs											(343)
Net losses due to deconsolidation of CFVs											15,450
Intersegment Eliminations [Member] | Unconsolidated Funds and Ventures [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures									(344)
Consolidated Funds and Ventures [Member]
Segment Reporting Information [Line Items]
Total interest income									502		1,526
Operating and other expenses:
Other expenses, net									598		1,105
Net losses due to deconsolidation of CFVs											(15,450)
Consolidated Funds and Ventures [Member] | Lower Tier Property Partnerships [Member]
Operating and other expenses:
Equity in (losses) income from unconsolidated funds and ventures									$ (4,776)	$ (5,338)	$ (5,912)

SEGMENT INFORMATION (Reconcilia

SEGMENT INFORMATION (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	$ 574,199	$ 599,071
Operating Segments [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	574,199	599,071
U.S. Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	517,286	571,213
U.S. Operations [Member] | Consolidated Funds and Ventures [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	205,908	219,612
Corporate Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	48,459	21,619
International Operations [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
ASSETS	$ 8,454	$ 6,239

SELECTED QUARTERLY FINANCIAL105

SELECTED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income
Interest on bonds	$ 2,305	$ 3,230	$ 2,705	$ 3,254	$ 3,006	$ 3,298	$ 3,281	$ 4,026	$ 11,494	$ 13,611	$ 17,974
Interest on loans and short-term investments	977	1,195	886	437	443	396	803	741	3,495	2,383	1,114
Total interest income	3,282	4,425	3,591	3,691	3,449	3,694	4,084	4,767	14,989	15,994	19,088
Interest expense
Bond related debt	443	404	335	295	313	318	379	326	1,477	1,336	2,392
Non-bond related debt	35	181	217	254	417	305	132	148	687	1,002	728
Total interest expense	478	585	552	549	730	623	511	474	2,164	2,338	3,120
Net interest income	2,804	3,840	3,039	3,142	2,719	3,071	3,573	4,293	12,825	13,656	15,968
Non-interest revenue
Income on preferred stock investment					419	1,326	1,311	1,297		4,353	5,260
Asset management fees and reimbursements	2,324	2,383	2,261	1,892	1,887	1,924	1,575	1,421	8,860	6,807	3,580
Other income	258	1,109	954	647	328	656	810	723	2,968	2,517	1,816
Revenue from CFVs	1,258	1,163	726	819	579	209	133	67	3,966	988	16,494
Total non-interest revenue	3,840	4,655	3,941	3,358	3,213	4,115	3,829	3,508	15,794	14,665	27,150
Total revenues, net of interest expense	6,644	8,495	6,980	6,500	5,932	7,186	7,402	7,801	28,619	28,321	43,118
Operating and other expenses
Interest expense	1,198	1,121	1,075	1,042	1,089	1,300	1,708	3,196	4,436	7,293	13,776
Salaries and benefits	4,826	4,288	3,919	4,080	4,318	4,232	3,911	3,272	17,113	15,733	12,708
General and administrative	805	633	655	700	868	719	773	863	2,793	3,223	3,447
Professional fees	1,443	1,452	1,005	1,435	1,224	718	881	1,144	5,335	3,967	5,372
Other expenses	467	(3)	735	48	3,361	2,267	1,722	107	1,247	7,457	3,482
Expenses from CFVs	8,790	10,065	9,014	8,368	8,577	10,890	9,014	9,316	36,237	37,797	90,435
Total operating and other expenses	17,529	17,556	16,403	15,673	19,437	20,126	18,009	17,898	67,161	75,470	129,220
Net gains on bonds	9,963	(69)	28	2,295	1,512	626	3,792	583	12,217	6,513	12,293
Net gains on sale of real estate estate and other investments	127	1,585		116	6,577	4,296	5,622		1,828	16,495	882
Net gains on derivatives, loans, other assets and extinguishment of liabilities	(642)	894	1,424	682	4,885	1,523	928	985	2,358	8,321	6,192
Net gains transferred into net income from AOCI due to real estate foreclosure	10,213		4,205	11,442					25,860		2,003
Net losses related to CFVs	147		(598)		853				(451)	853	15,227
Equity in gains (losses) from equity method investments									(8,382)	(21,354)	(25,992)
Net losses due to deconsolidation of CFVs											(23,867)
Net gain (loss) from continuing operations before income taxes	8,092	(10,166)	(7,175)	4,137	(5,140)	(10,133)	(6,899)	(14,149)	(5,112)	(36,321)	(99,364)
Income tax expense	(530)	(43)	(34)	(72)	15	(146)	(61)	(71)	(679)	(263)	(242)
Net income from discontinued operations, net of tax	81	1,285	83	83	83	83	83	78	1,532	327	18,038
Net loss	7,643	(8,924)	(7,126)	4,148	(5,042)	(10,196)	(6,877)	(14,142)	(4,259)	(36,257)	(81,568)
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests					12,731	13,780	14,168	14,304	(46,611)	(54,983)	(100,366)
Net income allocable to common shareholders	$ 16,442	$ 4,175	$ 5,130	$ 16,605	$ 7,689	$ 3,584	$ 7,291	$ 162	$ 42,352	$ 18,726	$ 18,798
Basic income (loss) per common share:
Income from continuing operations (in dollars per share)	$ 2.71	$ 0.47	$ 0.80	$ 2.54	$ 1.15	$ 0.52	$ 1.04	$ 0.01	$ 6.53	$ 2.68	$ 0.08
Income from discontinued operations (in dollars per share)	0.01	0.21	0.01	0.01	0.01	0.01	0.01	0.01	0.24	0.04	2.38
Income per common share (in dollars per share)	2.72	0.68	0.81	2.55	1.16	0.53	1.05	0.02	6.77	2.72	2.46
Diluted income (loss) per common share:
Income from continuing operations (in dollars per share)	2.61	0.44	0.80	2.51	1.15	0.50	1.04	0.01	6.44	2.68	0.08
Income from discontinued operations (in dollars per share)	0.01	0.20	0.01	0.01	0.01	0.01	0.01	0.01	0.23	0.04	2.38
Income per common share (in dollars per share)	$ 2.62	$ 0.64	$ 0.81	$ 2.52	$ 1.16	$ 0.51	$ 1.05	$ 0.02	$ 6.67	$ 2.72	$ 2.46
Weighted-average common shares outstanding:
Basic (in shares)	6,034	6,174	6,289	6,523	6,617	6,746	6,955	7,213	6,254	6,881	7,647
Diluted (in shares)	6,408	6,549	6,289	6,882	6,617	7,091	6,955	7,213	6,628	6,881	7,647
Continuing Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests	$ 8,799	$ 13,099	$ 12,256	$ 12,457					$ 46,611	$ 54,983	$ 100,216
Discontinued Operations [Member]
Loss allocable to noncontrolling interests:
Net loss allocable to noncontrolling interests											150
Consolidated Funds and Ventures [Member]
Non-interest revenue
Revenue from CFVs									3,966	988	16,494
Operating and other expenses
Equity in gains (losses) from equity method investments	(1,638)	(4,993)	(4,937)	(5,686)	$ (5,953)	$ (3,919)	$ (6,654)	$ (5,693)	(17,254)	(22,219)	(32,730)
Unconsolidated Funds and Ventures [Member]
Operating and other expenses
Equity in gains (losses) from equity method investments	$ 807	$ 1,478	$ 2,126	$ 4,461	$ 491	$ 281	$ 20	$ 73	$ 8,872	$ 865	$ 6,738